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23 Feb 2015
EUR soft as Greece overhang continues – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, mentions that EUR/USD is soft owing to Dollar strength, but remains within its month long 1.1098-1.1542 range.
Key Quotes
“EUR is weak, down 0.7% from Friday’s close and flirting with a break back below 1.1300. However, the broader story for EUR is that it remains trading within its month long range of 1.1098 to 1.1542 as it looks for a catalyst to break it out.”
“German IFO was slightly lower than expected, almost flat to January’s release.”
“For Greece it faces a difficult balancing act between providing the list of reforms that will satisfy the institutions (the Troika) and seal the extension with its election promise to offer a shift away from austerity and ongoing nearterm funding pressures.”
“EURUSD short‐term technicals: mixed—reflecting a range bound environment. Near-term support lies at the recent low of 1.1270 with resistance at the recent high of 1.1450”
Key Quotes
“EUR is weak, down 0.7% from Friday’s close and flirting with a break back below 1.1300. However, the broader story for EUR is that it remains trading within its month long range of 1.1098 to 1.1542 as it looks for a catalyst to break it out.”
“German IFO was slightly lower than expected, almost flat to January’s release.”
“For Greece it faces a difficult balancing act between providing the list of reforms that will satisfy the institutions (the Troika) and seal the extension with its election promise to offer a shift away from austerity and ongoing nearterm funding pressures.”
“EURUSD short‐term technicals: mixed—reflecting a range bound environment. Near-term support lies at the recent low of 1.1270 with resistance at the recent high of 1.1450”