Set against the backdrop of unconventional central bank reflation and a modestly improving cyclical outlook for the global economy, it is very reasonable to expect the EUR to extend its gains into 2013, says Australia and New Zealand Banking Group (ANZ). ANZ outlines 4 reasons behinds this bullish EUR call: • The ECB will be the Single Supervisory Mechanism for the systemically important banks in the EZ and will no doubt ensure adequate capitalisation of those banks and cleaning up of failed ones. • The ECB has pledged to play its role in doing “whatever it takes” to support a return to sustainable economic activity. ... (full story)