EUR well supported on US tariff relief - Scotiabank

Euro (EUR) is entering Thursday's NA session with an impressive 1.1% gain, climbing back toward the upper end of its one-week range and threatening a break to levels last seen in October. The focus remains on trade and the easing in tensions provided by the US's 90-day pause on tariffs as well as a rumored delay in EU counter tariffs, Scotiabank's Chief FX Strategist Shaun Osborne notes.

EUR well supported on EU efforts on response

"The EU is also reported to be working on concessions, the latest of which would be an increase in energy imports and specifically US LNG. Markets are currently pricing in about 23bpts of easing for the April 17 ECB meeting, despite some policymakers' shift toward a pause. A surprise pause would be EUR-positive."

"EUR/USD is showing renewed signs of strength and price action is bullish as we look to the possibility of a renewed push toward 1.11. Near-term resistance is expected in the mid-1.11s, followed by 1.12. Support is expected in the 1.0900-1.0950 area."