The Euro (EUR) is entering Tuesday’s NA session with a modest 0.1% gain as it continues to trade within a tight consolidation range just above last week’s low around 1.15, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

ECB calls attention to food/services inflation

"Fundamental releases have been limited to Germany’s final Q3 GDP release, offering no change from the prior flat (0.0% QoQ) print. Friday’s German CPI release remains the highlight of the week, and near-term risk is likely to continue to be driven by broader developments with a focus on the Fed and post-shutdown US data releases."

"Messaging from the ECB remains broadly neutral, however comments from GC members Nagel and Makhlouf have called attention to high food and services inflation."

"The EUR is extending its tight consolidation in the lower 1.15 area, allowing the RSI to gently drift higher into the lower 40s and slowly shed its bearish posture. We are neutral and look to a near-term range bound between 1.1500 and 1.1600."