EUR/USD stays calm below 1.1750. Economists at TD Securities are not convinced that the bounce from 1.17 support is durable, especially as the real rate divergence between the US and Germany persists, and is likely to get wider into the fall.
Euro weakness is not unique to the USD
“We are not convinced that EUR/USD's bounce from 1.17 support is durable, especially as the real rate divergence between US and Germany persists, and likely to get wider into the fall.”
“EUR weakness is not unique to the USD, it is broadly based as the ECB's TWI measure (19 currencies) has weakened since June.”
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