Euro Range-Bound vs Dollar Ahead of ECB – Scotiabank
The euro is trading in a tight low-1.14 range against the US dollar, with limited reaction to stronger ZEW data. Scotiabank notes stable short-term rates after a hawkish repricing support the euro.
EURUSD
According to Scotiabank strategists Shaun Osborne and Eric Theoret, the euro is trading quietly against the US dollar, confined to a narrow low-1.14 range. The release of stronger ZEW sentiment data elicited only a limited market response.
Short-term interest rates have stabilized following a hawkish repricing, which is providing support for the euro via the yield channel. The currency pair remains range-bound as traders await further ECB guidance.
Source: FXStreet Forex News