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EUR/USD has held in a sideways consolidation range for much of the week.Economists at Scotiabank expect the pair to test levels above 1.10.

Hawkish policy prospects will underpin the EUR

“We expect the ECB to lift rates 50 bps in Feb and March at least and do not exclude a third 50 bps increase in May. Hawkish policy prospects will underpin the EUR.”

“Spot has met better selling pressure on gains through the upper 1.08s but the pattern of trade plus solidly bullish trend strength signals really suggest that new highs and a push on to 1.10+ are a matter of time.”“Support is 1.0775. Resistance is 1.0890/00.”

EUR/USD keeps range near 1.0850 after Lagarde

EUR/USD is holding onto minor gains while trading below 1.0800 in European trading. ECB’s Lagarde reiterates that the central bank will stay the course with rate hikes. The US Dollar attempts a bounce alongside the US Treasury bond yields, despite a better risk profile. 

EUR/USD News 

GBP/USD drops to 1.2350 after weak UK data

GBP/USD is holding lower ground near 1.2350, undermined by the downbeat UK Retail Sales data and a broad US Dollar rebound. Cable fails to capitalize on the return of risk flows, as traders reposition ahead of China’s Lunar New Year holidays. 

GBP/USD News 

Gold consolidates around $1,930, Fedspeak eyed

Gold price refreshed nine-month highs above $1,935 in European trading. The uptick in US Treasury yields is capping Gold’s upside amid the subdued US Dollar. Upside bias remains intact for Gold price amid a bullish daily technical setup.