The Euro (EUR) is up a marginal 0.1% against the US Dollar (USD) and a mid-performer among the G10 as it consolidates in a tight range in the mid/lower-1.16s, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
EUR is up marginally on the day
“Broader turbulence in global bond markets looks to have moderated and the overall tone appears to be stabilizing, offer the EUR some support as participants shift their focus back to fundamentals and the outlook for relative central bank policy. Comments from ECB GC member Muller have underscored a preference for holding rates at current levels, confirming market pricing for both the September and October meetings.”
“December is still priced for about 8bpts of easing, and thus could provide support as the cut is priced out. In terms of data, the final PMI’s offered marginal surprises, with the euro area services figure printing just above 50 (expansion) as the France print came in just below the dividing line while Germany’s came in at 49.3.”
“The RSI is at 50, congestion continues to center around the 50 day MA (1.1666), and the one month range is bound between support in the upper 1.15s and resistance in the mid/lower 1.17 area. We look to a near -term range bound between 1.1600 and 1.1700.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
