23 Dec 2014
EUR is weak, flirting with new lows – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that EUR is weak and trading in a narrow range close to its fresh lows, with technicals still warning of a downside.
Key quotes
“EUR is weak, having fallen to fresh lows in yesterday’s session and today trading in a narrow range, close to these lows. News flow include rising political risk in Greece, where the parliament failed to appoint a President; and data releases in France that saw GDP rise an as expected 0.3% in Q3 and consumer spending come in softer than expected.”
“EURUSD short‐term technicals: bearish—studies continue to warn of downside risk; however the notably small range during the Asian and European sessions of just 27 points highlights a relatively quiet market.”
Key quotes
“EUR is weak, having fallen to fresh lows in yesterday’s session and today trading in a narrow range, close to these lows. News flow include rising political risk in Greece, where the parliament failed to appoint a President; and data releases in France that saw GDP rise an as expected 0.3% in Q3 and consumer spending come in softer than expected.”
“EURUSD short‐term technicals: bearish—studies continue to warn of downside risk; however the notably small range during the Asian and European sessions of just 27 points highlights a relatively quiet market.”