National Australia Bank - "Key trade ideas: 1. With EUR/GBP upside partially constrained by EUR/USD, GBP bears need to play via USD. We see 1.46 by end Q1.
2. We are not on board with the RBA's evident growth optimism, while our ‘fair value’ estimate for the AUD/USD has plunged more than 2 cents to below parity in the past week (the fall in gold a key driver). We would use any recovery back to the 1.0330 area to get short targeting 1.01 during March.
3. We remain constructive on the NZD over the medium-term but find the downside a little more compelling in the near-term. Support at 0.8280 looks solid and we would go long here, looking for a bounce back to 0.8500."