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EUR is weak ahead of key “testing” CPI’s - Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank notes that the EUR is weak ahead of key data.

Key Quotes

"EUR is weak, but still trading in its 8‐session narrow 100 point 1.3333 to 1.3433 range. Today’s industrial production was disappointing, falling –0.3%m/m; however the real test is tomorrow’s CPI release, expected to come in at the flash estimate of 0.4%y/y on headline and 0.8%y/y on core; however a downward tilt to both France and Spain warn that disinflationary pressures are still a headwind."

"Any disappointment will be met with expectations of further ECB action. Eurozone GDP is expected to rise just 0.1%q/q in the second quarter."

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EUR/USD testing the parameters

EUR/USD is trading at 1.3365, down -0.03% on the day, having posted a daily high at 1.3416 and low at 1.3342.
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