EUR: Flirting with the month long range - BBH

Research Team at BBH, suggests that the euro has yet to convincingly breakout of the range that has confined it this month and that would require a break of the $1.1300 area.

Key Quotes

“However, as we have noted before, the two-year interest rate differential between the US and Germany (which does a fair job tracking the euro-dollar exchange rate) has been recovering in the dollar's direction for several days, setting the stage for euro setback after repeatedly trying to convincing push through the $1.1450. It may require a break of the $1.1270 area to lead more into thinking the euro has put in a top of some importance.”