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EUR/USD: bears are frustrated - Scotiabank

FXStreet (Guatemala) - Shaun Osborne Chief FX Strategist at Scotiabank explained that EUR/USD has nudged higher in uneven fashion over the past week, frustrating the bears and putting spot back to near the upper end of the broader trading range seen over the past few months.

Key Quotes:

"While investors have developed some obvious concerns about the Fed policy outlook, slow growth (and the impact of still evolving issues such as Chinese growth and VW) and weaker inflationary impulses suggest that the risk of renewed ECB easing remains high.

We still believe in the merits of a bearish view on the outlook for EUR/USD but the short trade is popular and well-populated. That perhaps makes EUR/USD prone to a slow squeeze higher, forcing out the weaker hands, before a renewed turn lower develops as central bank policy divergence risks become clearer."

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