EUR/USD continues to slide on Monday and broke below 1.0450. Scotiabank economists expect the pair to extend its decline towards this year’s low at 1.0350.
EUR/USD ends two-week consolidation
“Risk-off sentiment, widening core-periphery spreads, a more hawkish Fed and Eurozone growth concerns will likely offset bets on ECB rate hikes in the near term and keep EUR lower with current move targeting year low of 1.0350.”
“The EUR’s sharp drop of more than three cents from levels above 1.07 last Thursday wiped out a sizable chunk of its gains from the second half of May, ending its two-week period of consolidation with a sharp decline pointing to further down towards 1.0350”.
Source: Fx Street
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