Euro collapse continues as ECB members show no opposition

•     Euro collapse continues as ECB members show no opposition

–    Draghi, Nowotny make no comments opposing euro’s fall; Italian Finance Minister says it’s in line with economic fundamental

–    Meanwhile, St. Louis Fed’s Bullard says Fed is behind the curve in hiking rates!

–    Technical picture remains to the downside too. We see further declines in EUR/USD.

•     USD trade-weighted index breaks out of 30-year downtrend

–    Fed’s Major Currency Index breaks trendline; signals a broad-based USD recovery

•     RBNZ remains on hold, says NZ is “quite different” from others

–    More optimistic about the domestic economy than they were in January

–    Wheeler says NZ is “quite different” from countries that are loosening policy

–    Project “a period of stability in the OCR”

–    NZD rallies on expectations of constant rates and then more hikes in 2017

–    I still see NZD depreciating vs USD but appreciating against AUD

•     Today:

–    Eurozone: German final CPI for February, Eurozone industrial production for Jan

–    UK:  trade data for January, BoE quarterly bulletin

–    Sweden:  Official unemployment rate for Feb expected to decline = SEK-positive

–    US: Headline retail sales for Feb expected to rebound, core retail sales expected to accelerate = USD-positive. Initial jobless claims