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EUR had it coming - Scotiabank

FXStreet (Barcelona) - EUR/USD simply leaked lower throughout both the Asian and European sessions before the US shift with the NFP’s hit, with weakness from France, Italy and Spain’s services PMI starting the ball rolling as Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted.

Key Quotes

"Yesterday President Draghi disappointed markets by providing fewer details than hoped for regarding the purchase of ABS and covered bonds but also remaining vague as to whether and how the ECB would expand its balance sheet by the €1trn implied at the September press conference”.

“In addition, as Bloomberg reports today, France’s Noyer opposes the ECB’s ABS program, adding another dissenter to the slate and raising further questions over whether a broader sovereign QE program could ever be politically tolerable."

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