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EUR/USD: fading gains and return to the 1.11 area favoured - Scotiabank

FXStreet (Córdoba) - Shaun Osborne, Chief FX Strategist at Scotiabank notes that EUR recent bounce reflects short-covering on global growth concerns rather than a strong view on the near-term direction. Scotiabank analysts continue to favour fading EUR/USD gains and look for a return to the 1.11 area.

Key Quotes

“EUR/USD has traded to – or a little above – the upper end of the recent trading range of 1.11/1.13 even though the news flow over the past 12 hours has hardly been constructive for Europe – Deutsche Bank’s large, reported loss and the significantly larger than expected decline in German exports in August. This was the biggest drop in exports since 2009 and supports other data from the industrial sector (output and orders) which imply Europe’s export engine is not firing on all cylinders”.

“We think the EUR bounce reflects short-covering on global growth concerns rather than a strong view on the near-term direction. We continue to favour fading EURUSD gains and look for a return to the 1.11 area”.

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