NAB's short and long-term forecasts for the major pairs

NAB has revealed its forex outlook for the EUR/USD, GBP/USD and USD/JPY in the short and long term.

EUR/USD:

In the short term, the EUR/USD pair is consolidating in the 1.11-1.12 range but the lows seem to be finding support. Neutral bias.

In the long term, the ECB will standardize its monetary policy, but on a highly gradual basis, but the positive growth of the euro area will help the EUR. Bullish bias.

GBP/USD:

In the short term, the BoE's monetary policy debate means that bears will find it harder to bring down the pound. Neutral bias.

In the long term, we will have difficult times with the Brexit negotiations, political risks and a weaker British economy. Bearish bias.

USD/JPY:

In the short term, limited prospects of the rise of US interest rates and gold suggest limited gains. Neutral bias.

In the long run, the BoJ's monetary policy and higher US rates may drive the USD/JPY to 120, unless risk appetite drops. Bullish bias."