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Euro Little Changed Following ECB, CHF Tops G10 Leaderboard

FOREX
  • Despite the unanimous decision to hike all three key interest rates by an unprecedented 0.75%, the ECB’s lower growth projections weighed on the Euro in the latter half of Thursday trade.
  • It is worth noting that the Euro was trading at elevated levels following a firm bounce on Wednesday ahead of the meeting and despite a move down to 0.9931 during President Lagarde’s press conference, EURUSD has risen back towards parity as we approach the APAC crossover.
  • The pair had a notable amount of expiries at parity for Thursday’s NY cut and the lack of any game changing guidance from the ECB has kept the daily adjustment at a subdued -0.1%.
  • Outperforming on Thursday was the Swiss franc, with EURCHF down 0.68%. While the bolder action from the ECB may prompt analysts to expect a more aggressive approach from the SNB, senior members of the SNB board reiterated their decision will be determined by the developing data. SNB officials did, however, credit the strong Swiss franc for helping keep the nation’s inflation rates lower than the rest of the euro zone, underpinning the relative CHF strength on Thursday.
  • Little new information from Fed Chair Powell leaves the greenback at close to unchanged levels for the session. Markets will instead turn their focus to next week’s US CPI print, which may prove pivotal in determining the next stage of the Fed’s policy strategy.
  • Chinese CPI/PPI data is due overnight and Canadian employment data will headline tomorrow’s North American docket.
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