The Euro (EUR) is holding a relatively tight trading range in the low 1.09 area, Scotiabank’s chief FX strategist Shaun Osborne notes.

EUR needs a break above 1.0950 to continue upwards

“German data reflected some mixed news for the economy. June Industrial Production rose a stronger than expected 1.4% in the month (although May data was revised lower) while the trade balance slipped in June with exports contracting 3.4% in the month.”

“The EUR ignored the data and continues to look relatively comfortable with the support of somewhat narrower eurozone/US yield differentials.”