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23 Aug 2024

EUR/USD: The broader trend higher remains strong – Scotiabank

EUR/USD is consolidating, trading essentially flat on the day as markets await the Powell comments, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

The market consolidates this week’s gains through 1.11

“ECB Governor Kazaks commented on Thursday that he was ‘very much’ open to a rate cut in September but there was a debate about the size and pace of easing moving forward. Governor Vujcic said earlier today that “gradual” rate cuts were possible if the inflation outlook holds. ECB inflation expectations came in a tenth higher than forecast at to 2.8% and 2.4% for the 1Y and 3Y measures respectively.”

“There may be some tentative signs of softness creeping into EURUSD price action as the market consolidates this week’s gains through 1.11. The broader trend higher in the EUR remains strong but short-term oscillators are looking very stretched, which may signal potential for some further consolidation.”

“Intraday price trends suggest weakness back under 1.1095/00 may prompt more corrective, short-term EUR losses towards the low 1.10s.”

Aug 23, 2024

USD/CNH: Likely to edge lower while below 7.1750 – UOB Group

The US Dollar (USD) is likely to edge lower; given the mild downward pressure, any decline is unlikely to reach July’s low of 7.0636, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
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Aug 23, 2024

GBP/USD: Edges higher towards the July 2023 high at 1.3140 – Scotiabank

The Pound Sterling (GBP) retains a firm tone as spot continues to ride the positive sentiment which developed around yesterday’s constructive PMI data, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
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