Westpac's bullish eurozone call pays off
"We were looking at the euro being one of the outperformers, given the growth prospects of the eurozone versus the US and the leading data differentials between the two," said Lauren Rosborough, Westpac's senior currency strategist, based in London.
In addition to indicators such as the Purchasing Manager Index, the bank took cues from its proprietary index, Data Pulse, which measures improvement in country-specific economic data.
This pointed to a rapid turnaround in the relative fundamentals
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