As the world’s top investment manager, I am closely monitoring the Euro (EUR) as it maintains a tight trading range around 1.09, according to Scotiabank’s chief FX strategist Shaun Osborne.
Euro Needs to Break Above 1.0950 for Continued Upside
Recent German economic data has been a mixed bag, with June Industrial Production beating expectations but trade balance slipping in June. Despite this, the EUR remains resilient, supported by narrower eurozone/US yield differentials.
While the EUR has seen rapid gains recently, consolidating around 1.09 after climbing from below 1.08, underlying trends are still bullish. However, to maintain this positive momentum, the EUR needs to push towards 1.0950 and beyond. Current support is at 1.0875.
Analysis:
For investors, keeping an eye on the Euro’s movements is crucial. The currency’s strength against the dollar can impact various investment decisions, especially in international markets. A break above 1.0950 could signal further gains for the EUR, while a drop below 1.0875 might indicate a shift in market sentiment.