EUR/USD extra upside hinges on ECB – Danske Bank

Analyst at Danske Bank Mathias Mogensen noted further upside in spot should need positive headlines from the ECB.

Key Quotes

“EUR/USD remained supported yesterday but it is in our view too early to test new year highs in the cross without ECB support, which we are unlikely to get at the December meeting”.

“However, the range for the cross has shifted higher, with 1.20 within technical reach near term, not least if euro-zone data continue to surprise on the upside”.

“The confirmation hearing for Fed chair Powell today should not matter much for USD crosses and focus will turn to US and euro-zone inflation figures later in the week”.