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EUR/USD: outdoing the bears expectations - Scotiabank

FXStreet (Guatemala) - Analysts at Scotiabank noted that after Wednesday's short‐squeeze liked EUR/USD from the low/mid 1.11s, the single currency has pushed back above 1.12 with the help of better than expected IFO sentiment data (108.5 vs. 107.9 expected) from Germany today.

Key Quotes:

"We sell rather think the main risk for spot lies to the downside in the medium‐term but heightened volatility and uncertainty in EM FX are forcing market participants to cover core positions and trade more defensively.

We see little real attraction in the EUR in this environment; uncertainty only makes additional ECB easing measures that much more likely in the months ahead."

"Although we don’t like the EUR’s outlook, we have to concede that near‐term risks are Ɵlted higher than we expected."

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