The recent EUR/USD consolidation may reflect a lack of conviction to commit to new positions in the short term given the ongoing volatility in price action, says Australia and New Zealand Banking Group (ANZ). However in the medium to long term, ANZ retains its constructive outlook on the single currency, viewing dips as buying opportunities and anticipating further appreciation in EUR/USD towards 1.40-1.45 this year. ANZ outlines 3 main reasons behind this call: 1. Data from the eurozone remains mixed, but in general the trend is improving and is supporting expectations that the worst of the downturn is over. 2. ... (full story)