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RBC Says Further Euro Gains After Rally Will Be ‘Harder Fought’

The euro may struggle to extend last week’s gains, fueled by the “better-than-feared” European Central Bank tenders, which prompted investors to end bets the currency would fall, according to RBC Capital Markets.

“We remain bearish,” Sue Trinh, a senior foreign-exchange strategist in Hong Kong, wrote today in a report. The tenders “morphed into wholesale short covering from macro and model accounts on euro-dollar, euro-Canadian dollar and euro-Australian dollar” she said. “With much of this bottling behind us and positioning better balanced, we expect further gains will be harder fought.”

The euro fell 0.2 percent to $1.2542 as of 7:23 a.m. in London.

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