EUR is quietly consolidating in mid/upper 1.13s – Scotiabank

The Euro (EUR) is quietly consolidating within a tight range in the mid/upper1.13s, Scotiabank's Chief FX Strategist Shaun Osborne notes.

ECB maintains dovish tone

"Data releases have been limited to euro area retail sales, in line with expectations of a 0.1% contraction for the month of March. German factory orders were stronger than expected and French wage growth accelerated in Q1. ECB comments have continued to lean dovish, with Governing Council member Stournaras saying that ‘it seems we will continue’ with rate cuts."

"The statement is important, as it comes after last week’s (upside) CPI surprise. The tone of US/EU trade developments remains mixed as media continue to report on retaliatory tariff proposals as well as the proposals for purchases of US LNG and direct investments in the US."