Nomura retain a relatively neutral outlook for EUR/USD in the coming weeks, saying that the composite PMI for the euro area indites economies are still underperforming relative to US growth.
EUR/USD to remain near-term range bound
- not likely to rise above 1.10
- and any move over 1.09 will likely be only a short some
Nomura says the market is eyeing which of the Fed or ECB will cut first and pondering which will cut to a greater extent, only then will EUR/USD cease being rangebound