EUR stuck around 1.12 with risk in Fed pricing – Scotiabank

FXStreetMay 16, 2025 11:47 AM

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EUR/USD is extending its recent, quiet consolidation around 1.12 and trading with modest support into Friday’s NA session, Scotiabank's Chief FX Strategist Shaun Osborne notes.

ECB policymakers remain dovish

"The renewed fade in Fed expectations is the most important near-term driver for EUR, as it remains a key source of uncertainty in the outlook for relative central bank policy. For the ECB, policymakers remain universally dovish and continue to communicate a preference for additional cuts in the coming meetings."

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