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EUR Slips as Villeroy Talks Down ECB Terminal Rate View

FOREX
  • EUR is slightly softer headed through to US hours, with EUR/USD extending the recent (modest) downtrend. EUR/USD printed a low of 1.0631 on the back of an interview with ECB's Villeroy in Les Echos, in which he stated that markets had been excessively volatile over the view on the ECB's terminal rate over the past few sessions, and that the ECB is not obliged to hike rates at every meeting between now and September.
  • AUD trades poorly headed through to the NY crossover on the back of a lower than forecast wage price index release overnight. Wages grew at a slower-than-expected 0.8% vs. forecast 1.0% for Q4 - although still a faster clip relative to the recent running average. In contrast, NZD gained overnight on the RBNZ 50bps rate hike, with the bank also making clear that further tightening is a likelihood at the coming policy meetings. AUD/NZD sits well below the 200-dma, with 1.0929 support next up.
  • Elsewhere, SEK is adding to recent gains as Riksbank governor Thedeen spoke this morning, flagging further concern over the unacceptably high level of underlying inflation. Nonetheless, Thedeen pushed back on Ohlsson's recent suggestion that an unscheduled Riksbank decision is a possibility at this stage, leaving the April meeting the next expected meeting for policy tightening.
  • The Fed minutes take focus going forward, with markets looking to gauge the board's sensitivity to stepping up the pace of rate hikes should inflation issues persist over the medium-term. Fed's Williams is set to discuss inflation in a speech after the US close.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommoditiesEuropean Central Bank (ECB) Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommoditiesEuropean Central Bank (ECB) Market News

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