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EUR expected to trend lower - Scotiabank

FXStreet (Barcelona) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that EUR has climbed higher today; but continues to lack conviction and commented on the European data.

Key Quotes:

“Data today was vaguely encouraging but not top tier”.

"Germany released stronger than expected import prices, rising 0.3%m/m; Spain released an increase in mortgage lending; and Italy’s business confidence improved. However the core release for the Eurozone this week is Friday’s flash CPI estimate, expected to rise 0.4%y/y on headline; followed by next week’s ECB meeting."

"Yesterday the ECB disclosed that they had purchased 1.7bn of covered bonds, relatively close to expectations”.

“We expect EUR to trend lower over time, closing the year at 1.2501."

"EUR/USD short‐term technicals: mixed—technical studies lack conviction with several of them pointing in opposite directions”

“A close above 1.2715 would open up a test to 1.2820."

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