EUR holds in tight, flat trading range – Scotiabank

The Euro (EUR) is little changed on the session, Scotiabank’s Chief FX Strategist Shaun Osborne notes.  

Eurozone trade surplus grows

“The Eurozone’s November trade balance widened to EUR12.9bn in November, a larger surplus than forecast. Data showed a 1.6% increase in export growth to the US over the year and a near 7% drop in imports.”

“The bilateral surplus widened significantly (17%) from November 2023. These are trends that the incoming US president is likely to focus on.”

“The EUR has drifted sideways over the past few hours after peaking around 1.0350 yesterday. The solid, bull reversal from the 1.02 area noted earlier in the week remains intact but the rebound has stalled and the broader downtrend persists. A push above 1.0350 is needed to support a deeper rebound now. Support is 1.0180/00.”