Euro (EUR) is weak, down 0.4% against the US Dollar (USD) and a mid-performer among the G10. Trade-related headlines continue to dominate and data releases have been limited, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
ECB comments remain dovish
“ECB Governing Council member Holzmann has added to this week’s run of dovish commentary, echoing other recent remarks about the disinflationary impact of US tariffs. Markets are pricing in 25bpts of easing for the next ECB policy decision on June 5 and are pricing a cumulative 65bpts of rate cuts by year end.”
“Technicals remain bullish given the clear sequence of higher lows and higher highs. The RSI is softening but still in bullish territory above 50. The near-term range is roughly bound between support in the upper 1.12s and resistance around 1.1550.”
- GBP/USD Price Forecast: Flat lines near 1.3500 as bulls shrug off UK GDP ahead of US CPI
- Gold moves away from one-week low, climbs above $4,450 as USD edges lower ahead of CPI
- Euro weakens despite ECB rate hike as US PPI comes in hot
- Gold slides as US PPI reinforces Fed hike expectations, US Dollar and yields rise
- EUR/USD Price Forecast: Consolidates around 1.1640 in countdown to ECB’s policy decision
Free Forex Signals 
Leave a comment