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EUR Knocked as ECB Study Exchange Rates

FOREX

After staging a decent late-session recovery, EUR/USD was knocked lower just after the London close as Bloomberg sources reported that the ECB were studying the recent resilience of the EUR/USD exchange rate. The study is to focus particularly on the Fed and ECB's stimulus packages delivered throughout 2020, which was sufficient to knock around 20 pips off the rate.

Elsewhere, GBP traded well alongside the slightly steeper UK yield curve, prompting a show above 1.3740 in GBP/USD. The strength stopped just short of the Jan21 high at 1.3746, the highest since 2018.

NZD, AUD and CAD all traded well as equities traded to new all time highs. The S&P500 touched 3870.90, with real estate and communication services outperforming.

Australian CPI & NAB business confidence numbers and prelim US durable goods orders are the calendar highlights Wednesday. The FOMC rate decision is due later in the day.

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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