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EUR's correlations moderating - Scotiabank

FXStreet (Guatemala) - Eric Theoret, CFA, CMT FX Strategist at Scotiabank explained that the EUR’s correlation to both gold prices and risk assets is moderating.

Key Quotes:

"The 30 day rolling correlation to gold fading to 0.3 from its recent summer highs above 0.80."

"EUR has also softened its ties to the S&P 500, with the negative correlation moderating to -0.54 from late August levels at -0.92."

"The softening suggests a shift in focus from broader market sentiment back toward fundamentals, with relative policy considerations likely to provide near-term pressure on EUR as market participants look to an increasing probability of greater ECB accommodation."

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