CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

EUR Strength Falters, Markets Pre-Position for CPI

FOREX
  • EUR has been unable to maintain the strength seen through the Wednesday close, with EUR/USD fading off the early Asia-Pac session high at 1.0989. This has seen prices fade through the morning to dip back below 1.0975 and ease off the sharp rally through yesterday's WMR fix.
  • Resultingly, EUR is the poorest performer in G10 ahead of the NY crossover, with the much-watched strength in EUR/JPY fading after a print at 160.01. Data and newsflow has been light and/or ineffective, leaving markets to pre-position ahead of the CPI print later today.
  • NZD trades to the better, but the daily gains have made little dent in the broader NZD/USD chart. The subsequent retracement in EUR/NZD tips prices off the YTD high posted yesterday at 1.7639, and the sharply negative trend in the 50-dma points to near-term downward momentum. Cross has so far stopped dead on 1.7541, the 38.2% retracement for the Dec - Jan upleg, opening 1.7511 intraday, ahead of 1.7443 and the bear trigger of 1.7383.
  • US CPI data takes focus going forward, with markets expecting headline Y/Y to tick higher to 3.2%, while Core Y/Y slows to 3.8% from 4.0%. Supercore trend rates are likely to remain very strong at 4% annualized handles, but the data may be treated with caution as differences in methodology have seen core PCE at notably weaker rates in recent months.
  • Outside of CPI, ECB's Vujcic takes part in an MNI videoconference at 1400GMT/0900ET, with Fed's Mester & Barkin and ECB's Lagarde also set to make appearances.
Energy BulletsCommodities
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.