The Euro (EUR) is quietly consolidating inside a good vary within the mid/upper1.13s, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
ECB maintains dovish tone
“Knowledge releases have been restricted to euro space retail gross sales, consistent with expectations of a 0.1% contraction for the month of March. German manufacturing facility orders had been stronger than anticipated and French wage development accelerated in Q1. ECB feedback have continued to lean dovish, with Governing Council member Stournaras saying that ‘it appears we are going to proceed’ with price cuts.”
“The assertion is essential, because it comes after final week’s (upside) CPI shock. The tone of US/EU commerce developments stays blended as media proceed to report on retaliatory tariff proposals in addition to the proposals for purchases of US LNG and direct investments within the US.”
