EUR soft in quiet trade – Scotiabank

Euro (EUR) is soft, entering Monday’s session with a marginal decline against the US Dollar (USD) and underperforming most of the G10 currencies in quiet trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.

ECB comments continue to lean dovish

"The euro area’s preliminary CPI release is this week’s highlight and scheduled for release on Friday. The ECB speech calendar is also somewhat heavy and comments from Governing Council member Knot and Villeroy have leaned dovish, flagging disinflationary forces."

"The bull trend in EUR/USD is intact despite this latest consolidation generally bound between 1.13 and 1.15. Momentum has softened somewhat, but the RSI remains well above the 50 threshold at 62."