The EUR is on the rise in the session, with falls at the end of the week in the lower zone of 1.08 that have caused a renewed purchase interest by bargain hunters. The short -term differentials between the euro and US zone have narrowed slightly this morning, providing a support for the spot, says Shaun Osborne, head of Scotiabank’s currency strategy.
EUR jumps on the day
“The EUR is still undervalued in relation to my equilibrium estimate (1,0957). The final data of the February CPI showed that the German data remained unchanged (0.4% m/m, 2.3% a/a). The main data of France and Spain also remained without revision. The progress of the EUR has accelerated just when we are about to publish the news that the German political parties had reached a German political parties. Agreement on the Merz Chancellor Expenditure Package. “
“The solid profits in the EUR through the European morning suggest that the recent consolidation of the spot from the peak of Tuesday about 1,0950 is breaking and the EUR profits are resuming. Remember that the impulse of the underlying trend is solidly bullish for the EUR, with DMI oscillators aligned positively for the EUR in the short, medium and long term studies.”
“This typically means limited corrections against the trend and a continuous offer in the market. The resistance is in 1,0950/55, but the potential for a new test of the maximum of September in 1.12 is strong.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
