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EUR/USD: Data lift yields, crimp spreads - Scotiabank

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EUR/USD: Data lift yields, crimp spreads - Scotiabank

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New update 2024.10.31 20:45
EUR/USD: Data lift yields, crimp spreads - Scotiabank

update 2024.10.31 20:45

Eurozone CPI rose 2.0% this month, according to the preliminary estimate released earlier. That is a little above the forecast of 1.9% and above September's 1.7% read, Scotiabank's Chief FX Strategist Shaun Osborne notes.  

EUR nudges higher on the day

"The data helped sway market pricing further towards a 25bps ECB cut in December (29bps of easing now priced in) and narrow 2Y EZ/US spreads a little further to provide the EUR with a small tailwind."

"Consolidation signals from earlier this week are developing into a little more obvious technical strength for the EUR on the short-term chart. EUR gains through 1.0840/45 yesterday suggest a short-term low is in while gains through 1.0875 should allow for the EUR rebound to develop a little more momentum to test the low/mid 1.09s."


Date

Created

 : 2024.10.31

Update

Last updated

 : 2024.10.31

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