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14 Feb 2025

EUR steady on the day, firmer on the week – Scotiabank

The Euro (EUR) is little changed on the day against the US Dollar (USD) but has racked up a solid net gain on the week, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Eurozone Q4 GDP revised up

"Eurozone GDP rose 0.1% in Q4 after an upward revision to the initial estimate—better but hardly anything to shout about. Stronger growth from the Netherlands and Spain helped lift growth, with the major core economies (Germany, France, Italy) flat or weaker."

"Spot gains are stalling in the upper 1.04s, leaving the EUR a little shy of the late January high at 1.0533 and retracement resistance at 1.0551 (38.2% of the EUR decline from 1.12 to 1.01) that figure the major block on a deeper EUR rebound."

"The EUR will need to keep generating solid support on dips (after seeing solid demand below 1.04 yesterday) to sustain the near-term uptrend. Support is 1.0375/85."

Feb 14, 2025

CAD extends rebound through resistance at 1.4250/60 – Scotiabank

The Canadian Dollar (CAD) is up only smalls on the day and is lagging most of its G10 peers in their recovery against the big dollar on the week but the push under 1.42 is quite impressive from my point of view, Scotiabank's Chief FX Strategist Shaun Osborne notes.

GBP extends gains through upper 1.25s – Scotiabank

Pound Sterling (GBP) is up modestly vs US Dollar (USD) on the session at writing after backing off slightly from the overnight peak just shy of 1.26—its highest level since the end of last year, Scotiabank's Chief FX Strategist Shaun Osborne notes.