EUR/USD: to remains supported until ECB meeting? - Scotiabank

Ross J Burland FXStreet

EUR/USD has nudged modestly higher against the USD, with firm Eurozone PMI data backstopping spot in the overnight session.

Key Quotes:

"Eurozone manufacturing PMI rose to 58.6 in Oct, against expectations of a dip to 57.8 on positive French and German data; Eurozone services eased to 54.9 in the month, weighted down by slightly weaker German data, while the Eurozone composite index fell to 55.9 this month, from 56.7 in Sep, suggesting a slight softening in what looks to remain a generally health H2 for the broader Eurozone economy.

We expect EUR/USD to remain supported at least until Thursday’s ECB meeting where policy makers may provide some line of sight on tapering of asset purchases next year."

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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