EUR trading in tight range – Scotiabank

Euro (EUR) is trading in a tight range near 1.08 and showing some notable resilience in an environment of broad-based risk aversion driven by trade-related concerns, Scotiabank’s Chief FX Strategist Shaun Osborne notes. 

EUR is hovering around 1.08

“Sentiment is likely to continue to be a dominant driver of the near-term price action in EUR, with a focus on tariff developments in the US. Fundamentally, interest rate differentials remain supportive for the EUR limiting the extent of potential near-term weakness.” 

“EUR is trading down a modest 0.2% and hovering around 1.08. The near-term range is roughly bound between the mid-1.07s and mid-1.08 area. The continued moderation in momentum (RSI) hints to near-term consolidation.”