- Analytics
- News and Tools
- Market News
- EUR/USD: Helped by PMI revisions ahead of French conf vote – Scotiabank
EUR/USD: Helped by PMI revisions ahead of French conf vote – Scotiabank
Final Eurozone November Composite and Services PMIs were revised up a little from the preliminary data (48.3, from 48.1 and 49.5, from 49.2 respectively). Firm intraday support below 1.05 is holding the EUR in a tight, sideways range, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
EUR steady around 1.05
“Positive French data revisions did all the heavy lifting. Attention remains on France ahead of today’s parliamentary no-confidence motion. A steady EUR and stable French assets suggests investors are less concerned by the risks around the vote this morning.”
“President Macron urged lawmakers not to topple the government and he said yesterday that he will not resign before his term ends in 2027.”
“Firm intraday support below 1.05 is holding the EUR in a tight, sideways range but the bid is not really strong enough to drive more gains at the moment. Absent a stronger move higher to test resistance in the 1.0590/95 area, the EUR may drift back to the mid-1.04s.”
© 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
