FXstreet.com (Barcelona) - The single currency seems stuck around the 1.2100 mark on Tuesday, after softer-than-expected prints out of manufacturing PMI indices in Germany and the EU.
Contrary to expectations, short-term Spanish auction was well received, with strong demand despite higher yields.
C.Sutton, Chief Currency Strategist at Scotiabank, highlights the recent ratings downgrades by Moody’s and the uncertainty surrounding Greece, and adds “…in the face of this, EUR is trending lower but proving itself fairly resilient. We expect further near-term downward EUR pressure, but do not expect a EUR collapse and instead expect it to stabilize into the fall…”.
Contrary to expectations, short-term Spanish auction was well received, with strong demand despite higher yields.
C.Sutton, Chief Currency Strategist at Scotiabank, highlights the recent ratings downgrades by Moody’s and the uncertainty surrounding Greece, and adds “…in the face of this, EUR is trending lower but proving itself fairly resilient. We expect further near-term downward EUR pressure, but do not expect a EUR collapse and instead expect it to stabilize into the fall…”.
