EUR/USD: no incentive to push the EUR higher - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank explained that EUR/USD is more or less exactly where it was at this point yesterday.

Key Quotes:

"Markets have little incentive to push the EUR significantly higher at this point. Eurozone data releases earlier reflected slightly weaker (and weaker than expected) Gfk confidence readings from Germany (9.8 versus 10.0 expected) and stable French business confidence readings."

"There was a significantly stronger take up in the ECB’s TLTRO allotment (EUR223.5bn, double expectations of EUR110bn), although the interpretation seems to be that banks are borrowing more perhaps as a precaution in the last of the ECB’s scheduled such operations."

"Eurozone-US spreads have widened modestly again at the 2Y sector of the curve, sustaining the USD’s yield premium at a very supportive +200bps."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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