EUR: Eurozone data continues to defy the odds & post new optimism over reflation - ING

Economists at ING note, that the minutes to the October ECB meeting point to broad support for the taper decision but some disagreement on whether or not the QE extension should be open-ended.

Key Quotes

“Nonetheless, EZ data continues outperform –the Nov PMI figures support our view that the economy will sustain solid growth into year-end, with the potential for further acceleration. This story will provide a buffer to the EUR amid some short-term political noise, with a 1.18-1.20 near-term range for EUR/$ likely now. German IFO data should print fairly decent.”