The Euro is stuck in a range unless we see a turn for the better in German data, according to Kit Juckes, Chief Global FX Strategist at Société Générale, reports.
Soft German data weighs on the Euro
It does feel as though every time the Euro gets a bid, it’s knocked back by another soft German data point.
Maybe the fact there are no further major German data releases this week means the damage has been done for now and if EUR/USD holds above 1.09 today, it has a chance to push back above 1.10 this week, but the more obvious conclusion is that we won’t get back to December’s 1.1140 peak without better German news or a significant deterioration in US data.
Source: https://www.fxstreet.com/news/eur-usd-has-a-chance-to-push-back-above-110-this-week-if-holds-above-109-today-socgen-202401091058