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ECB Support Proves Shortlived for EUR

FOREX
  • Having traded firmer for much of the morning session, particularly against the greenback, the EUR faded into the Tuesday close, shrugging off support from a number of ECB speakers and a multiyear high in Eurozone inflation.
  • Eurozone HICP touched a decade high of 3.0%, ahead of analyst expectations, which supported EUR/USD to print a session and multi-week high of 1.1845. The move was bolstered by comments from both ECB's Holzmann and Knot, who talked up the prospect of a reduction in stimulus from the ECB headed into the end of 2021.
  • This soon faded, however, with the USD strengthening alongside a modest re-steepening of the US yield curve, putting the USD Index back to flat ahead of the close.
  • NZD, AUD were the session's outperformers, while NOK, CAD and GBP declined.
  • Australian GDP data for Q2, China's Caixin PMI and the August ISM Manufacturing data from the US are the data highlights Wednesday. ECB's Weidmann and Bostic are both due to be speaking.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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