EUR/USD keeps the negative outlook near term – Scotiabank
|Key Quotes
“EURUSD is modestly firmer on the day, supported by stronger than expected Eurozone services, manufacturing and composite PMI data in October”.
“EZ-US 2Y rate spreads remain unchanged around 148bps, leaving the EUR little room to appreciate, however”.
“EURUSD closed weakly Friday and remains at high risk of more losses in the near-to-medium term. On the day, however, the minor rebound from 1.0860 overnight may extend modestly as weak shorts are squared up”.
“We think gains to the 1.0925/30 area should attract renewed selling interest, however. Look to fade minor gains”.
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