Occasional bullish attempts towards the 1.12 area remain selling opportunities, according to strategists at Westpac. Key Quotes “Lack of any meaningful downside even as growth and policy differentials with the US start to palpably re-widen remains a deep a source of frustration”. “That said, still wedded to an eventual downside break below 1.08, though with the ECB unlikely to be the catalyst the onus falls back on the Fed”. “Odds of an April 27 Fed hike (currently 28%) and June 15 (+64%) both seem elevated but can still rise yet further”. “The NY Fed Empire new orders survey rose very strongly and suggests the 'fever' in the manufacturing sector may be about to break and there's still plenty of upside potential in our US data surprise index. EUR/USD a sell into 1.12 if seen again”. For more information, read our latest forex news.