EUR entering NA session with modest gain – Scotiabank

The Euro (EUR) is entering Friday’s NA session with a modest 0.2% gain, still trading below 1.13 but seeing a solid recovery from a short lived decline to 1.12, Scotiabank's Chief FX Strategist Shaun Osborne notes.

ECB comments remain dovish

"Economic data releases have been limited, and ECB commentary has remained broadly dovish with Governing Council member Rehn endorsing cuts in June."

"Developments on trade have been disappointing, as the general tone of reporting has focused on the EU’s preparations for retaliatory measures and German Chancellor Merz cautioning President Trump against negotiations with individual member states, rather than the EU as a whole."