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15 Dec 2014
EUR trading soft within Friday’s range – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that EUR is soft in the open as market rumours swirl on QE, trading weak within Friday’s range.
Key Quotes
“EUR has trended lower throughout the Asian and European sessions, but is still trading within Friday’s range. The ECB announced that €40bn in 3yr LTROs will be repaid, which warns that the overall take‐up of ECB TLTROs is relatively low and increases the risk of QE. This week’s EU Summit (December 18/19) is unlikely to create a notable EUR reaction; with the focus on the U.S. Fed meeting and the release of CPI. We expect EUR to trend lower overtime and hold a y ear‐end 2015 forecast of 1.18.”
Key Quotes
“EUR has trended lower throughout the Asian and European sessions, but is still trading within Friday’s range. The ECB announced that €40bn in 3yr LTROs will be repaid, which warns that the overall take‐up of ECB TLTROs is relatively low and increases the risk of QE. This week’s EU Summit (December 18/19) is unlikely to create a notable EUR reaction; with the focus on the U.S. Fed meeting and the release of CPI. We expect EUR to trend lower overtime and hold a y ear‐end 2015 forecast of 1.18.”