• Daily blog

    Euro loses more ground

    Political concerns were to the fore again yesterday – after a brief hiatus on Wednesday – evident in a renewed albeit small increase in French government bond yields, a sharp sell-off in European equity markets, and a fall in the euro which lost ground to both sterling and the dollar. EURGBP hit a fresh low […]

  • Daily blog

    A bit of an FX roller coaster

    The US CPI inflation report and the Fed meeting had a notable enough impact on markets yesterday, including in FX, albeit pulling in opposite directions. The euro and sterling gained around a cent against the dollar after May’s inflation data came in softer than expected, trading up to intra-day highs of around $1.0850 and $1.2860 […]

  • Daily blog

    US inflation and Fed meeting today

    The euro remained under pressure yesterday amid the continuing political turmoil in France, including speculation (subsequently denied) of President Macron’s imminent resignation. EURGBP traded down to an intra-day low of around £0.8420 and is just marginally firmer (£0.8430) this morning. EURUSD is only slightly off yesterday’s lows as well, at $1.0740, while the pound is […]

  • Daily blog

    Euro off its lows

    The euro drifted down further against sterling for a time during the course of yesterday’s session, to an intra-day low of 84.4p, before recovering a little, while softer than expected UK labour market released earlier this morning has helped it nudge up a bit more to around 84.6p. EURUSD is also off yesterday’s low trading […]

  • Daily blog

    Euro under pressure

    Political uncertainty is weighing on the euro this morning, after it also lost ground on Friday following stronger than expected jobs data in the US. The European Parliament elections over the weekend saw gains for far-right parties in some countries, including in France where President Macron has now called snap parliamentary elections after his party […]

  • Daily blog

    Key jobs data in the US today

    The ECB cut the deposit rate by 25bps to 3.75% at yesterday’s meeting, as widely expected, but gave little away about its future intentions. Market rate expectations are little changed post the meeting, with around 45bps worth of cuts still priced in by the end of this year. The euro is also largely unchanged, trading […]

  • Daily blog

    ECB to cut rates today

    The euro is largely treading water ahead of the ECB’s rate announcement later today, trading just below $1.09 against the dollar and just above 85p against sterling. A 25bps cut is fully priced for today’s meeting, so it will be what the ECB has to say about the outlook for monetary policy over the remainder […]

  • Daily blog

    Main currency pairs little changed

    The euro drifted lower against the dollar for a time during the course of yesterday’s session before regaining ground on the back of softer than expected US labour market data. It is currently trading at around $1.0870, little changed from where it was trading yesterday morning, and towards the top of the $1.05 to $1.10 […]

  • Daily blog

    Dollar loses more ground

    The euro has gained ground against the dollar following softer than expected US manufacturing data released yesterday. EURUSD is trading at $1.0890 this morning, off an overnight high of almost $1.0920, ahead of the ECB meeting on Thursday. Having fallen to a near 3-year low last week, EURGBP has steadied again and is trading at […]

  • Daily blog

    Euro area & US inflation data today

    Weaker than expected US GDP data weighed on the dollar yesterday albeit trading ranges remained pretty tight. EURUSD rose to an intra-day high of almost $1.0850 before drifting lower again, and is trading at around $1.0820 this morning ahead of inflation data out of both the Euro area and US today. EURGBP is a little […]