Free Trial

Better GDP Fails to Translate to a Stronger EUR

FOREX

GDP data has fared better across Europe, with German, Italian, French and Spanish numbers proving better-than-expected. This failed to translate into a stronger single currency, however, with ECB's Lagarde just yesterday warning of the upside risk to Q3 growth numbers that's expected to fade materially into the end of 2020.

The greenback is paring some of the recent strength, but recent ranges have largely been respected. JPY is marginally stronger, while CHF is marginally weaker.

Month-end hedge rebalancing flows are broadly seen to be USD positive for October, although much of this order flow may have been completed earlier in the week alongside the broad greenback rally.

Earnings after-market Thursday were mixed, with Alphabet trading higher after-earnings, while Apple, Amazon and Facebook retreat.

Canadian GDP, US personal income/spending and MNI Chicago PMI are the calendar highlights Friday.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.