#EURUSD @ 1.05711 : Steady losses over the past week look set to extend – Scotiabank
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EUR’s leak lower continues. Economists at Scotiabank expect the EUR/USD pair to continue under downside pressure for the time being.
“ECB hawks are responding to this week’s data showing upward revisions to Jan CPI data and a record rate of core inflation. Hawkish comments may slow EUR losses against the USD in the near term but the USD’s overall yield advantage suggests – for now – that a lower EUR/USD remains the most likely outcome.”
“Technicals suggest firm resistance at 1.0610/15 intraday, with the EUR really needing to regain 1.07+ to stabilize.”
“Broader technical patterns still point to a drop in the EUR to 1.0461 (retracement support from the EUR’s recent 0.95/1.10 rally).”
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