EUR/USD minor dips remain a buy into year-end - Scotiabank
Analysts at Scotiabank explained that the EUR/USD looked well-bid initially yesterday but struggled to sustain gains through the upper 1.19s, leaving the single currency looking a bit tired.
"Data released earlier in the session revealed stronger than expected import price growth in Germany in Oct (+0.6% m/m) and a small downside miss in Eurozone M3 money supply. The ECB’s Hansson said asset purchases could be phased out if the economy evolves as expected, no surprise. We remain constructive on the outlook for the EUR overall but recognize that headline risk in the short term may buffet the market and nudge the EUR a little lower still. Minor dips remain a buy into year-end, we think, however."