MNI BRIEF: BOC Governor Tiff Macklem Opening Statement

MNI BRIEF: Text of Bank of Canada Interest-Rate Decision

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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 Tilts Higher as ECB Convene to Address Market Volatility

FOREX
  • After a sanguine overnight session, the single currency ripped higher ahead of the NY crossover on reports of an unscheduled meeting of the ECB Governing Council, who have convened to discuss and address recent market volatility. The widening of peripheral European government bond yield spreads are said to the root of concern, prompting the ECB to stress that their PEPP reinvestment program will see proceeds invested into more peripheral debt than the capital key dictates. Markets await any formal statement from the bank, with the unscheduled meeting already underway.
  • Reports of the meeting helped support the single currency, putting EUR/USD either side of 1.05 ahead of US hours, with a hawkish speech from ECB's Wunsch adding to the upside. The June 13th highs remain the next upside level, in range at 1.0523.
  • The USD Index sits lower, led by the single currency, with attention turning to today's FOMC rate decision and press conference. The Fed are firmly seen raising rates by 75bps - the sharpest rate of increase for decades - as markets look to gauge the future rate path from the accompanying dot plot. The USD Index remains just below the cycle highs printed yesterday at 105.65. Scandi currencies are faring better, while the CAD extends the recent downtick.
  • Outside of the FOMC decision, it's a busy US data session, with Empire Manufacturing, May retail sales and import/export price indices due to cross.
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.