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20 May 2015
Outlook for European crosses – Nomura
FXStreet (Barcelona) - FX Strategists at Nomura, share the outlook for European crosses, expecting the Euro to weaken against the GBP, SEK and NOK over the medium-term.
Key Quotes
“We still expect EUR to weaken against GBP, SEK, and NOK in the medium term, while CHF will underperform even against EUR.”
“We continue to expect GBP to outperform among European G10 FX, as the BoE rate hike should start much earlier than other CBs. GBP is expected to benefit from ECB’s QE via stronger foreign flows into the UK bond market.”
“In contrast, the expected rise in global yields will work negatively for CHF. We judge CHF will be the only European G10 FX currency that has the potential to weaken against EUR in 2015-16.”
“We see limited room for NOK and SEK to appreciate against EUR in the near future, while gradual depreciation in EUR/SEK is likely later in 2015. NOK is likely to start depreciating against SEK later this year, albeit at a moderate pace.”
Key Quotes
“We still expect EUR to weaken against GBP, SEK, and NOK in the medium term, while CHF will underperform even against EUR.”
“We continue to expect GBP to outperform among European G10 FX, as the BoE rate hike should start much earlier than other CBs. GBP is expected to benefit from ECB’s QE via stronger foreign flows into the UK bond market.”
“In contrast, the expected rise in global yields will work negatively for CHF. We judge CHF will be the only European G10 FX currency that has the potential to weaken against EUR in 2015-16.”
“We see limited room for NOK and SEK to appreciate against EUR in the near future, while gradual depreciation in EUR/SEK is likely later in 2015. NOK is likely to start depreciating against SEK later this year, albeit at a moderate pace.”