EUR/USD: awaits a dovish ECB - Scotiabank

Analysts at Scotiabank noted recent fundamental developments for EUR/USD on the euro side.

Key Quotes:

"France reported slightly better manufacturing confidence data for Apr (108, versus an upwardly revised 104 in Mar). Germany revised its 2017 GDP forecast to 1.5% and 2018 forecast to 1.7% (both up 0.1 ppt from previous estimates)."

"EURUSD has maintained is post-election bounce but investors are reluctant to push spot much above 1.09 still; EUR gains may stabilize around current levels in the near-term but we continue to feel that the EUR looks very fully priced at current levels and risks giving background in the next week or so."

"We look for a fairly dovish message from ECB President Draghi at Thursday’s policy meeting."

EUR/GBP extending the bullish gap as EUR/USD picks up the pace - (FXStreet)