On Monday, EUR/USD initially settled in a tight range near the 1.3100 pivot. Late in the session, ECB Draghi reiterated that the ECB is still ready to act if needed. EUR/USD lost some ground, but the broader picture hasn’t changed. Trading on most markets took a rather slow start for the week. EUR/USD was no exception to this rule. The pair changed hands in the 1.3120 area at the start in Europe. Sentiment on risk remained constructive in Asia, but it didn’t cause any further euro strength after the good post-payrolls performance on Friday. The pair lost a few ticks as the services PMI in Spain was reported weaker than expected.
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KBC