Economists at TD Securities like EUR versus some European peers like SEK, NOK and GBP.

ECB remains relatively more hawkish than both the Fed and the BoE

“Despite recent dovish tones in Fed speeches, the ECB remains relatively more hawkish than both the Fed and the BoE. Coupled with the supportive terms of trade tailwinds, this could provide some cushion for EUR downside if the positioning squeeze intensifies.”

“Nevertheless, the current transitional phase in the FX market during the early summer months is likely to favor RV strategies rather than a broad focus on the direction of the USD.”

“We maintain a positive outlook on EUR against SEK, NOK, and GBP in the coming months.”