EUR outperforms most G10 currencies – Scotiabank
|The Euro (EUR) is entering Monday’s NA session with a 0.3% gain and is outperforming all of the G10 currencies with the exception of Japanese Yen (JPY), Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
German and French manufacturing PMIs show slight contraction
"The final euro zone manufacturing PMI offered little change from the preliminary print, holding steady just in contractionary territory just below the neutral threshold. The German manufacturing PMI was slightly lower at 48.2, and the French print weaker still at 47.8. The data have been largely ignored, given the ECB’s decidedly neutral stance and an outlook for relative central bank policy that offers fundamental EUR support."
"The 2Y Germany-US yield spread is holding steady just below its recent 14 month high. This week’s data highlight will be the preliminary euro area CPI (November) scheduled for Tuesday. The ECB calendar is heavy with 12 speaking engagements and we remain attentive to any shift in messaging as some policymakers have begun speaking to upside risks to inflation."
"Еhe EUR has broken back above its 50 day MA (1.1617) for the first time since mid-October and last closed above the level in early October. The RSI is leaning bullish as it pushes toward 60, offering solid momentum as we head into anticipated resistance around 1.1650 (mid-Nov/late-Oct highs). Additional resistance is expected at 1.17 and 1.1750. We look to a near-term range bound between 1.1580 and 1.1680."
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