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EUR Stronger as Villeroy Eyes Currency Weakness

FOREX
  • The EUR is one of the strongest currencies in G10 early Friday, erasing overnight weakness as markets eyed hawkish comments from ECB's Villeroy. One of the more notable comments from Villeroy was on FX, where he stated that the ECB "must watch FX; too weak a EUR jeopardizes their price stability objective" - marking a possible step-up in language on currency from an ECB member.
  • EUR/GBP trades a new multi-month high, touching 0.8565 and nearing the next bull trigger at the December 2021 high of 0.8600. In tandem, GBP/USD has touched a new multi-year cycle low of 1.2276.
  • Moving in tandem with equity markets (indices are lower again in Europe), AUD is the poorest performer in G10, with AUD/USD through yesterday's low and eyeing the May 2 low at 0.7030. Weakness through here opens the lowest levels since January - this level has been defined as key support and the bear trigger.
  • Focus turns to the Canadian and US jobs reports, with markets expecting +380k jobs added across April for the US, which should pressure the unemployment rate to 3.5%. Meanwhile for Canada, analysts see 40k jobs added across the month, dropping 0.1ppt from the unemployment rate.
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