Long EUR-NZD: UniCredit

Quotes from UniCredit Research:

- We regard the recent NZD appreciation as exaggerated and recommend going long EUR-NZD at 1.4896 with a target of 1.5375, stop loss at 1.4680.

- Our bearish view for the kiwi is based on our expectation that growth in China will continue to slow down and, on the back of this, commodity prices will remain weak. If this is incorrect, and higher-than-expected demand from China boosts New Zealand's exports to this region, the kiwi could see an unexpected strengthening from this side. 

- Downside risks for our growth outlook for the eurozone stem mainly from geopolitical tensions as well as possible policy changes in some of the European countries facing elections this year.