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EUR/USD leans towards the bullish side – Scotiabank

FXStreet (Edinburgh) - Currency Strategist at Scotiabank Eric Theoret noted the neutral to bullish perspective for the pair in the near term.

Key Quotes

“EUR has fallen over 1.6% since the October 15 high just below 1.1500, with further downside risk heading into this Thursday’s ECB meeting”.

“Risk lies in the potential for a greater shift in ECB tone given the confluence of headwinds arising from recent EUR strength compounding the drag from slowing growth in both the euro area and key emerging market economies”.

“The September meeting added ‘or beyond’ to the press conference statement reference to the asset purchase program’s current end date of September 2016, and put a considerable emphasis on downside risks to growth and inflation”.

“We see downside risk to EUR through the end of the week, and note that options prices hint to a rise in demand for downside protection”.

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