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16 Dec 2024

EUR fails to hold gains above 1.05 – Scotiabank

The Euro (EUR) got a minor boost earlier from slightly better than expected preliminary December Eurozone PMI data, Scotiabank’s Chief FX Strategist Shaun Osborne notes.  

EUR falls below 1.05 after Eurozone PMI data

“French and German Services activity were stronger than forecast, helping lift the Eurozone Services component to 51.4, more than two points above November’s result. But the EUR is struggling to maintain any positive momentum amid lingering trade concerns.”

“Moody’s cut France’s sovereign credit rating from Aa3 to Aa2 in an unscheduled announcement late Friday, meanwhile. The Bund/ OAT spread widened slightly in early trade but has corrected back to near levels prevailing at the close of trade in Europe on Friday.”

“The EUR is just about holding on to its December trading range. Despite a decent rebound on Friday, the EUR is struggling to hold a bid above 1.05 still and intraday price action looks somewhat negative at this point, suggesting another rejection of 1.05+ levels. Support is 1.0450/60. Resistance is 1.0535/40.”

Dec 16, 2024

CAD steady but trade tensions weigh – Scotiabank

There is no relenting in the still developing pressure on the Canadian Dollar (CAD).
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Dec 16, 2024

GBP outperforms modestly – Scotiabank

Despite some sloppy GDP data for October reported Friday and today’s less than stellar December PMIs, there is little anticipation of any BoE rate action this week.
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