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EUR Holds Up Well as Kazimir Sees 'Runaway Train' on Rates

FOREX
  • ECB speak has picked up following yesterday's decision, with hawks among the governing council still clearly in control as inflation marches higher. ECB's Kazimir stated that the bank would cross the neutral rate like a "runaway train". This has helped EUR hold toward the upper end of the G10 table so far Friday, second to only the USD.
  • The USD Index is testing the 50-dma resistance, extending the bounce off yesterday's lows to over 1.25%. 111.135 marks the next upside level for the USD Index ahead of Fib resistance of 111.5378.
  • The Bank of Japan rate decision came and went with little surprise, with governor Kuroda doubling down on policy by stating that markets should not expect rate hikes or an exit from easy policy anytime soon. The JPY is falling against most others, helping put USD/JPY back above Y147.50.
  • The latest leg higher in the pair followed an operational update from the BoJ - who made the first mid-quarter tweak to their bond purchase plan for the first time and boosted the frequency of super-long JGB purchases next month.
  • Focus turns to the prelim German CPI read for October, with markets expecting prices to have risen 0.6% on the month and 10.1% on the year. In the US, personal income/spending data takes focus - both of which seen rising 0.4%. Final UMich data also crosses.
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