EUR/USD: remaining bearish on Centrl Banks - Scotiabank

Analysts at Scotiabank explained that EUR/USD retains a slightly better offered undertone today though the market remains well-within recent ranges.

Key Quotes:

"European data reports were scant today but Italian consumer and manufacturing confidence readings for August disappointed expectations and the broader economic confidence reading dipped under 100 to 99.3, keeping this index pinned back to the lowest readings seen since early 2015.

We remain bearish on the broader outlook for EURUSD on the basis of the diverging growth and monetary policy outlook between the Eurozone and the US and note that the USD is nearing a point in the calendar year where it typically trades ."