EUR/USD pushes higher. However, as markets are already positioned for a hawkish European Central Bank (ECB), the shared currency is unlikely to enjoy further gains, economists at Scotiabank report.

Strong PMI data out on Thursday could give the EUR a near-term push

“With markets already positioned for a more aggressive hiking schedule for the ECB, we spot limited immediate tailwinds for the EUR – particularly as a big hike is still two months away.” 

“Strong PMI data out on Thursday could give the EUR a near-term push to extend its recovery since mid-May.”