The EUR/USD remains in a trading range around parity. Scotiabank economists they expect the sideways trade to persist for now.
Overall technical tone turns positive above 1.0120
“Short-term price signals are neutral, as are trend strength signals, implying a sideways range trade is likely.”
“Broader technical tone turns more positive above 1.0120 (major trend resistance)”.
“Support is 0.9865/75.”
Benchmark natural gas prices continue to decline and Germany has announced that it will spend a further €2.5bn on LNG to ease the energy crisis. However, high energy costs come at a cost. deficit of 19.9 billion euros in July, the lowest since 2008″.
Source: Fx Street
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