EUR/USD continues to consolidate after last week’s tumble from resistance around the 1.02 zone. Economists at Scotiabank expect the world’s most popular currency pair to hover around the 0.9950 area.

Euro to retain a weak bias

“Firm gains Friday have failed to hold and spot continues to press support at 0.9950, ahead of a renewed test of the upper 0.98s.”

“Look for more range trading around 0.9950 in the short run but, absent a clear move through the 1.02 range, the EUR will retain a weak bias.”