12 Feb 2015
EUR in search of a catalyst to break from its range – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that EUR/USD trades within its multi-week range, in need of a catalyst for further direction.
Key Quotes
“The focus has been the cease fire agreement in Ukraine combined with the outlook and potential paths for Greece.”
“Fundamental releases have not been the market’s core focus with today’s disappointing Eurozone industrial production, flat m/m, and Germany’s lower than expected CPI reading, down –1.1%m/m and 0.4%y/y, ignored.”
“EUR will need a catalyst to break out of its multi-week 1.1098 to 1.1542 range. Considering the backdrop we expect this break to occur to the downside and hold a year-end forecast of 1.05.”
Key Quotes
“The focus has been the cease fire agreement in Ukraine combined with the outlook and potential paths for Greece.”
“Fundamental releases have not been the market’s core focus with today’s disappointing Eurozone industrial production, flat m/m, and Germany’s lower than expected CPI reading, down –1.1%m/m and 0.4%y/y, ignored.”
“EUR will need a catalyst to break out of its multi-week 1.1098 to 1.1542 range. Considering the backdrop we expect this break to occur to the downside and hold a year-end forecast of 1.05.”