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Jakob Christensen, Chief Analyst at Danske Bank, noted the pair still points to another visit to the 1.1500 handle.

Key Quotes

“Besides trade war developments, the majors will be in the hands of inflation data this week”.

“Our quantitative business cycle models continue to point to weakness in the euro-area cycle, whereas the US outlook now seems more decent; this points to a case for (continued) cyclical weakness in EUR/USD, possibly through the equity flow channel”.

“We still see EUR/USD in range but with risks tilted towards another test of the 1.15 level near term, not least if the US takes next steps directed towards Europe”.