Created
: 2024.09.19
2024.09.19 21:16
EUR/USD has climbed steadily through the overnight session to regain yesterday's post-Fed peak against the USD, Scotiabank's Chief FX Strategist Shaun Osborne notes.
"EUR gains are supported by narrowing yield spreads (EZ/US 2Y gap at -133bps today, the narrowest since May last year)."
"Narrower spreads suggest the EUR will remain well-supported on moderate dips and retain a firm tone against the USD for now. Fundamental challenges are creeping up on the EUR, however. The Bundesbank's monthly report noted today that Germany may already be in a mild recession. A 'broad-based, long-lasting slump' was not expected, however."
"Solid spot gains from the overnight low leave EURUSD trading close to yesterday's peak and--despite the intraday chop yesterday--sustaining the bullish break out of the EUR August/September consolidation (bull flag). A push through minor resistance at 1.12 (August high) targets gains to 1.1275 (retracement and 2023 high). Support is 1.1120."
Created
: 2024.09.19
Last updated
: 2024.09.19
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