MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EUR Hits New Pullback Lows on Bank Lending, IFO Data

FOREX
  • The EUR is sinking against all others, with the ECB bank lending survey as well as the soft German IFO release working against the single currency. The ECB bank lending survey showed the fastest contraction on record for corporate loan demand, and also described the tightening impact on the Eurozone so far as 'substantial' - thereby working against expectations of subsequent tightening beyond this week's assumed 25bps hike.
  • Compounding the pressure on the EUR was the poorer-than-expected IFO release, with both current assessment and headline business climate releases dropping short of expectations.
  • EUR/USD slipped to new pullback lows of 1.1052, extending the correction and moderating the previously overbought condition in the pair. The pair is now lower for the sixth consecutive session.
  • The EUR is the poorest performer in G10, while the AUD is the strongest. Underlying expectations of fresh measures to support domestic demand in China (and thereby commodities) is helping support currencies tied to industrial metals as well as oil.
  • Focus Tuesday turns to the US Philly Fed Non-Manufacturing Index as well as the July consumer confidence release. The latter is expected to improve from 109.7 previously to 112.0 - the highest since early 2022. There are no central bank speakers on the docket, with both the ECB and the Federal Reserve remaining inside their pre-decision media blackout periods.
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

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.