EUR Trading Outlook (24-06-2014)

EUR/USD opened NYC 1.3586, -15 pips vs Friday night’s close, O/N range 1.3574/1.3614. Soft French PMI undermined the EZ average and dropped EUR/USD to O/N lows. NYC traders had little risk appetite and were content to trade inside Europe’s ranges, 1.3581/1.3604. A plethora of ECB speakers overnight alluded to various QE approaches they may take and basically justified the next actions if and when they are taken. US data was perkier, the Markit PMI at 57.5 vs 56.5 f/c a stark difference to France’s sub- par performance. US existing home sales +4.9% vs +2.2% f/c gave the buck a boost but couldn’t stick, EUR/CAD sales from H/Fs and macro funds putting a lid on EUR/USD. Even a reference from ECB’s Nowotny that part of the ECB’s policy objectives is to limit EUR strength got limited airplay [ID:nIFRccV60d] The German IFO is due tomorrow alongside Swiss trade & Italian wages & trade data. Also, a slew of US housing data, consumer confidence and Richmond Fed idx.