EUR/USD: hard to argue with the upside move - Scotiabank

Analysts at Scotiabank explained there were no Eurozone data reports of any real consequence today but PPI fell 0.1% in the June month, in line with expectations, and markets continue to press EUR/USD highs, with spot making new highs for the move up. 

Key Quotes:

"Again, there is no supportive movement in EZ-US spreads to back the move up (in fact, 2Y spreads are trading well beyond the -200bps point); gains rather reflect the generally negative mood that has descended on the USD and the strong momentum behind EUR gains. 

Difficult to get a sense of how far the move will extend but hard to argue with move."