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EUR/USD: seasonal trends favoring the greenback? - Scotiabank

Analysts at Scotiabank explained that EUR/USD is trading modestly firmer in what looks like a technically driven trading as there is little or no fundamental news evident to support the bounce from the mid-1.15 low seen yesterday. 

Key Quotes:

"France reported a wider trade and C/A deficit earlier while Eurozone/US short-term spreads remain at historic highs (negative for EUR)."

"Cross-currency basis swap spreads are also the widest since Jan (-46bps), reflecting rising demand for USD funding."

"We remain fundamentally constructive on the EUR in the longer run and believe that a lot of good news is priced into the USD in the short run."

"We note seasonal trends typically favour the USD around this time of the year, however."

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