EUR/USD: EUR shrugs off weak German ZEW survey – Scotiabank

FXStreet Insights Team FXStreet

Germany’s ZEW index reflected a sharper than expected fall in current conditions and expectations in September, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

Technicals remains bullish

“This index tends to be volatile, reflecting sentiment sometimes shaped by market volatility, but German investors are clearly concerned by signs of slowing growth. The EUR drifted back marginally from its intraday peak around the data’s release but remains comfortable trading above the 1.11 area.”

“The EUR’s progress through the ceiling of the downward-sloping consolidation range in development since the end of August suggests more gains in the near/medium term for spot. The range break out has triggered a bull flag pattern on the charts which suggests the recent uptrend in spot can resume.”

“The only caveat is that spot seems—so far—reluctant to push on higher towards 1.12. That is not too surprising, given the fundamental backdrop for markets this week. But it highlights the risk that a failure to develop gains risks dumping spot back to the lower end of the range in the upper 1.09s.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

AUD/USD eyes 0.7150 barrier nine-day EMA

AUD/USD inches higher after registering modest losses in the previous day, trading around 0.7130 during the Asian hours. The technical analysis of the daily chart indicates that the pair is moving sideways within the rectangle pattern, suggesting a consolidation as neither the bulls nor the bears have enough momentum to take control of the market.

USD/JPY trades below 160.00 intervention threshold; bullish bias intact

The USD/JPY pair attracts some sellers during the Asian session amid fears that authorities will step in again to prop up the Japanese Yen. Furthermore, the Israel-Lebanon truce prompts some profit-taking around the US Dollar and exerts downward pressure on the currency pair.

Gold meets contention near $4,420…for now

Gold extends its recovery past the $4,500 mark per troy ounce on Thursday. The yellow metal’s advance comes amid the resurgence of some selling interest around the, improving risk sentiment, and declining US Treasury yields across the curve.

Bitcoin’s massive storm is back: Why the sell-off is far from over

Bitcoin price action over the last few weeks has felt less like a normal, healthy correction and more like a slow grinding crash that continues to wreak havoc on holdings and trading accounts. And everything suggests that the dramatic crash isn’t over.

Nonfarm payrolls: Testing the limits of Fed policy patience

The upcoming nonfarm payrolls report for May will provide the final update on the US labor market before Kevin Warsh attends his first policy meeting as the new Fed Chair later this month.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.