Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained the outlook forGreece and Russia remain core risks to EUR paths.
Key Quotes:
"EUR is struggling to retrace recent weakness, into the NA open it is up 0.3%, having retraced 1.6% from its low yesterday of 1.1098. The trend is downward, unless today’s session has enough momentum to push it to close above 1.1366."
"Friday’s Eurozone flash CPI is also fundamentally important, however the deviation from consensus would have to be significant to generate a sustainable EUR reaction. We expect EUR to trend lower."
"Greece remains a core focus, but early comments simply highlight the uncertainty ahead. EC Economic Commissioner Moscovici suggested that there is a need to wait for the government to be fully formed and announce its priorities; however that the EC is ready to help."
"Eurogroup Chair Dusselbloem suggested that they are ready to support Greece, but that they need to work together and Greece needs to comply to all previous agreements. While EC President Junker highlighted that the commission has to work closely together with Greece."
Key Quotes:
"EUR is struggling to retrace recent weakness, into the NA open it is up 0.3%, having retraced 1.6% from its low yesterday of 1.1098. The trend is downward, unless today’s session has enough momentum to push it to close above 1.1366."
"Friday’s Eurozone flash CPI is also fundamentally important, however the deviation from consensus would have to be significant to generate a sustainable EUR reaction. We expect EUR to trend lower."
"Greece remains a core focus, but early comments simply highlight the uncertainty ahead. EC Economic Commissioner Moscovici suggested that there is a need to wait for the government to be fully formed and announce its priorities; however that the EC is ready to help."
"Eurogroup Chair Dusselbloem suggested that they are ready to support Greece, but that they need to work together and Greece needs to comply to all previous agreements. While EC President Junker highlighted that the commission has to work closely together with Greece."
