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6 Jan 2025

EUR/USD: Firm data check ECB rate cut expectations – Scotiabank

The Euro (EUR) is extending gains in early trade, rising more than 1% on the day, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

EUR outperforms on the day

“After steadying late last week following a test of the mid-1.02 area, EUR gains are pushing on strongly today. Final Eurozone Composite and Services PMI data were revised higher for December on solid upgrades to both French and German reports.”

“Initial German state CPI for December are coming in hotter than forecast, meanwhile, adding to EUR support as markets trim ECB easing bets. EURUSD could push on to the 1.0500/50 range.”

“Solid EUR gains on the intraday and daily charts today suggest a little more upside potential in the EUR in the short run at least. Chart signals are not obviously bullish and the broader downtrend persists. But an oversold EUR might be able to extend gains through 1.0460 resistance to test stronger technical resistance at 1.0500/50. Support is 1.0375.”

Jan 6, 2025

CAD: PM may resign this week – Scotiabank

The Canadian Dollar (CAD) perked up notably overnight on news that PM Trudeau may resign this week. Reports suggesting President-elect Trump might moderate plans for a broad application of tariffs have added to gains, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
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Jan 6, 2025

Fed's Cook: Can be more cautious with further cuts given labor market resilience, stickier inflation

Federal Reserve (Fed) Governor Lisa Cook said on Monday that Fed policymakers could be more cautious with further rate cuts, citing labor market resilience and stickier inflation, per Reuters.
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