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EUR quiet ahead of Tuesday’s ZEW – Scotiabank

The Euro (EUR) is entering Monday’s NA session flat against the US Dollar (USD) as it extends its consolidation of last week’s gains, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

Markets are waiting for German ZEW sentiment survey figures

"This week’s highlight will be the release of German ZEW sentiment survey figures, scheduled for Tuesday. Consensus expectations are low, offering a potential source of sentiment-driven strength for the EUR in the event of a surprise."

"The ECB calendar is empty, and the outlook for relative central bank policy remains an important source of EUR strength as markets continue to soften their expectations for ECB easing."

"The RSI is neutral, reflecting EUR/USD’s recent recovery and its subsequent consolidation. The latest range has been incredibly tight, with congestion centered around 1.1650. We see the near-term range bound between 1.1620 support and 1.1700 resistance."

USD/JPY: Any advance is likely to be part of a higher range of 147.20/148.25 – UOB Group

US Dollar (USD) could rebound further, but any advance is likely to be part of a higher range of 147.20/148.25. In the longer run, downward momentum is slowing; the likelihood of USD dropping further is diminishing, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
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USD/CNH is still trading in a range – UOB Group

US Dollar (USD) is likely to consolidate; firmer underlying tone suggests a higher range of 7.1820/7.1980.
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