- Analytics
- News and Tools
- Market News
- EUR/USD: Scope for a substantial drop to the 1.11 level – Scotiabank
EUR/USD: Scope for a substantial drop to the 1.11 level – Scotiabank
The EUR/USD pair has steadied around the 1.16 level through late week trade. Though the world’s most popular currency pair is set to snap a five-week losing streak, economists at Scotiabank see EUR/USD diving as low as 1.11.
Limited euro upside potential
“Economic data have reflected softness in the industrial sector, the energy crunch persists and key ECB policy makers have suggested that policy accommodation will remain in place for some time. We continue to favour fading modest EUR gains.”
“Gains have alleviated short-term bearish pressure on spot but longer-term (daily, weekly) trend studies remain firmly negative for the EUR; we expect limited EUR upside potential as a result.”
“Minor, short-term gains are a selling opportunity; we continue to target the low 1.14s in the short run for EUR/USD and feel the 1.11 is reachable in the next few months.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
