MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

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

Euro Ends Lower Following ECB, GBP Advances

FOREX
  • Two-way price action for the single currency following the first ECB monetary policy statement and press conference since the ECB strategy review.
  • Despite an alteration to the forward guidance, the majority of analysts appear convinced the changes offer little new significance for markets at this stage.
  • With some potentially expecting a more dovish scenario, EURUSD popped above 1.18 to print a fresh weekly high at 1.1831.
  • Some cited marginal dovish tweaks, highlighting the central bank's stance "may also imply a transitory period in which inflation is moderately above target". This could point to why EURUSD eventually headed lower, however, short-term positioning and dollar dynamics may be equally attributable. The pair resides 0.2% lower for Thursday, just above the week's lows at 1.1770 with a more notable 0.65% move south in EURGBP.
  • Despite the technical outlook turning favourable, EURGBP has had a sharp reversal and key support is seen roughly 0.5% from current spot at 0.8504, the July 14 low. Similarly, 1.3817 resistance in cable, the 20-day EMA, will need to hold for GBP bears. The most recent Covid data showed another daily decline in cases, potentially bolstering recent signs that UK COVID case growth could have topped out.
  • AUD and NOK extended on gains made yesterday, both gaining roughly 0.4% against the greenback.
  • UK Retail Sales and Eurozone Flash PMI's headline the European data schedule, before Canadian Retail Sales and US PMI's close out the weekly calendar.
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.