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1 Apr 2015
EUR mixed outlook in the short term – Scotiabank
FXStreet (Edinburgh) - Chief FX Strategist at Scotiabank Camilla Sutton reiterated the mixed stance in the single currency.
Key Quotes
“Tomorrow the ECB will release the minutes of the March meeting; today Governor Draghi’s speech had little market impact”.
“German yields continue to slide lower, with yesterday’s fresh low of –0.257%”.
“For EUR, we expect the currency to remain range bound in the near‐term; conflicted by an improvement in the data juxtaposed against a softening in the outlook for the U.S.; and the currency negative impact of negative interest rates and diverging policy, as well as the building trend of large outflows”.
“Accordingly, we hold a year‐end tar‐ get of 1.05, suggesting fresh lows but at a more moderate pace”.
“EURUSD short‐term technicals: mixed—warning of a range bound environment between the March 16th low of 1.0458 to the March 26th high of 1.1052”.
Key Quotes
“Tomorrow the ECB will release the minutes of the March meeting; today Governor Draghi’s speech had little market impact”.
“German yields continue to slide lower, with yesterday’s fresh low of –0.257%”.
“For EUR, we expect the currency to remain range bound in the near‐term; conflicted by an improvement in the data juxtaposed against a softening in the outlook for the U.S.; and the currency negative impact of negative interest rates and diverging policy, as well as the building trend of large outflows”.
“Accordingly, we hold a year‐end tar‐ get of 1.05, suggesting fresh lows but at a more moderate pace”.
“EURUSD short‐term technicals: mixed—warning of a range bound environment between the March 16th low of 1.0458 to the March 26th high of 1.1052”.