The euro (EUR) is weak, lowering 0.2% against the US dollar (USD) and quoting below 1.13 with an extension of the fall driven by Wednesday’s Fed, says Shaun Osborne, head of Scotyabank FX.
EUR/USD remains limited in a range
“As with the CAD, the perspective of the relative policy of the central banks is dominating as an engine of the short -term pricing action for the EUR/USD and the 2 -year performance differentials have also been extended (negatively for the Eur) around 20 basic points in the last week approximately.”
“In terms of data, the industrial production figures in Germany for March were much stronger than expected, while the unexpectedly large commercial surplus was favored by an unexpected contraction in imports, a negative signal of domestic demand. In terms of commerce, there seems to be no signs of progress towards negotiations between the US and the EU, a clear contrast with the agreement between the US and the United Kingdom.”
“EUR/USD remains limited in a range, and its movement since mid -April has been limited between the support in the middle of 1.12 and the resistance above 1.15. It would be expected that a break down would find support in the middle of 1.11.”
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.
