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Currencies Calm Despite Equity Market Rout

FOREX
  • Currency markets were a relative calm Tuesday, despite the continued volatility in equity markets, which spread beyond the tech sector to draw the Dow Jones Industrial Average lower by near 1.5%.
  • The USD's weakness on Monday carried through for much of the Tuesday session, with the likes of EUR/USD and GBP/USD hovering just below the week's highs. After an uneventful European morning, JPY and EUR shook to the top of the G10 pile, while CHF and NZD traded poorly.
  • Inflation concerns remain a primary driver, with underlying gyrations in stocks to value from growth sectors prompting some appetite for haven currencies.
  • Focus Wednesday rests on the US CPI release for April, with the Y/Y headline CPI release seen lurching higher to 3.6% from 2.6% previously. Other key releases include UK GDP and Eurozone industrial production numbers.
  • Fedspeak remains key for the market outlook, with speeches scheduled from Fed's Clarida, Rosengren, Bostic and Harker. BoE's Bailey is also on the docket.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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