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EUR Tilted to New Weekly Highs; CAD CPI on Tap

FOREX
  • EUR has been in demand across the European morning, helping tip EUR/USD through both the Monday and Friday highs with relatively little resistance. Markets moves came ahead of the release of the ECB's Euroarea negotiated wages release for Q4'23, which showed wages slowing to 4.5% from 4.7% in the prior quarter.
  • The JPY is the poorest performing currency across G10, keeping the bull cycle in EUR/JPY, AUD/JPY and others intact. EUR/JPY now trades solidly above the mid-January highs, opening further progress toward the cycle best posted in November at 164.30.
  • NZD/USD's short-term bounce extends, tipping NZD/USD to print higher highs and higher lows for a fifth consecutive session. This tilts prices toward first key resistance at the 50-dma of 0.6183, a break above which would extend the bounce off the February lows to near 150 pips.
  • Focus for the session ahead turns to the Canadian CPI release, with markets watching for headline inflation to slow by 0.1ppts for the Y/Y CPI as well as the core trim figure. Central bank speakers are few and far between, with no key Fed or ECB representatives on the docket. BoE's Bailey, Broadbent, Greene and Dhingra are set to testify in front of UK lawmakers, however few fresh policy signals are expected.
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