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EUR Crosses Erode Recent Gains As ECB Temper Expectations

FOREX
  • The Euro underperformed on Monday and in particular EURAUD (-0.93%) and EURCAD (-0.88%) unwound recent strength as the ECB tempered expectations of premature tightening.
  • President Lagarde used her platform at the European Parliament Economic and Monetary Affairs Committee to emphasize the safeguards in place “against a premature increase in interest rates”. Furthermore, she reiterated that any adjustments would be gradual, weighing on Euro-area front-end bond yields.
  • The comments bolstered the downward trajectory for euro crosses, that had been in play throughout much of Monday, eating into the majority of Friday’s advance.
  • EURUSD a touch softer on the day, however, the pair maintains a bullish theme following last week’s gains that resulted in the break of a number of key short-term resistance points. Initial support is seen at 1.1346.
  • Overall subdued price action for currencies, evident by a close to unchanged US dollar index to start the week. A quiet data calendar is highlighted by US inflation data on Thursday that will likely be the driving force behind short-term greenback sentiment.
  • Overnight, potential comments from RBNZ Governor Orr who is due to speak about the future of money at the Annual New Zealand Angel Summit, in Wellington.
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