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EUR Off Cycle Highs as Knot Strikes Softer Tone

FOREX
  • EUR/USD printed a new multi-month high at 1.1272 early Tuesday, with markets resuming the soft USD backdrop in early European hours. The price action soon reversed, however, on comments from ECB's Knot. Knot struck an uncharacteristically dovish tone, flagging that beyond a July rate hike, the path for policy is more uncertain, expressing confidence that the peak in core inflation has passed. The subsequent Bund rally aided EUR/USD's climb lower, to trade broadly flat headed into the NY crossover.
  • JPY is firmer against most others in G10, however there's been little impetus from equities, which look somewhat directionless after a quiet morning. The e-mini S&P remains firmer on the week, however is off the best levels of the Monday session.
  • NZD is the poorest performer across G10, helping keep NZD/SEK under pressure and extending the recent losing streak. The cross has fallen in 8 of the past 9 sessions, now sitting at the lowest levels since mid-May.
  • US retail sales take focus going forward, with markets expecting sales to have risen 0.5% on the month. Industrial production updates are set to follow, with Canadian inflation also on the docket.
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