EUR rebounds from support around 1.08 – Scotiabank
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Stronger than forecast French PMI data across the board plus slightly disappointing German Services and Composite data resulted in some mixed Eurozone PMIs for March—an improvement in Manufacturing and the Composite readings over February but slightly weaker Services, Scotiabank's Chief FX Strategist Shaun Osborne notes.
European PMIs suggest resilience
"The Eurozone economy remains resilient in the face of tariff risks, it would seem. EUR/USD also remains quite resilient, with dips to the low 1.08 area still attracting solid bid interest."
"EUR support around 1.08 remains resilient. Minor intraday gains are extending above short-term trend resistance at 1.0850 at writing which may prompt a further push back to the upper 1.08s. Key resistance remains 1.0950/60 ahead of 1.12. Support around 108 protects against a drop back to the low 1.07s."
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