EUR/USD neutral/bearish near-term – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, has reiterated the neutral/bearish stance of the pair in the near term.

Key Quotes

“The EUR is trading modestly weaker against the USD and its G10 peers in quiet trading”.

“The EUR’s failure to sustain gains above 1.15 last week suggest the broader, sideways range in place in the past few months remains intact and may tip the balance of risks towards renewed weakness in the single currency towards the range base (1.05) in the medium-term”.

“Earlier, stronger than expected German factory orders data gave the EUR a modest boost intraday but gains through the low 1.14s proved brief. Eurogroup ministers meet to discuss Greek aid today”.