Euro (EUR) is up an impressive 0.7% against the US Dollar (USD) and recovering back toward the upper end of its four- session range, strengthening in tandem with its regional peers Swiss Franc (CHF) and Swedish Krona (SEK), Scotiabank’s Chief FX Strategist Shaun Osborne notes.
EUR rises on as-expected CPI ahead of ECB Thursday
“Final euro area March CPI figures were in line with expectations (2.2% y/y headline, 2.4% y/y core), and rate expectations for Thursday’s ECB have remained largely unchanged pricing in one full 25bpt cut for the meeting. The market narrative around trade continues to dictate near-term movement in EUR as tensions provide support and easing concerns provide for consolidation.”
“EUR/USD’s consolidation is extending for a fourth session with movement roughly bound between the mid-1.12s and mid-1.14s. Momentum remains overbought with a 70+ RSI and the signal may be hinting to exhaustion.”
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