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FOREX
FOREX: Lagarde does little to stir the pot
- A stellar US retail sales release added some further evidence for a V-shaped
recovery in the US, with the retail index surpassing the 2020 peak. The USD saw
little support however, after a bounce from the overnight lows in the USD index
faded well ahead of the London close.
- The ECB press conference came and went with little consequence. The bank kept
policy rates and the PEPP program unchanged, alongside expectations, with the
subsequent press conference doing little to stir market activity. EUR/USD faded
on approach into the Wednesday high at $1.1452, keeping the technical picture
unchanged. CAD was the weakest in G10 after a spell of sharp strength into the
Wednesday close was partially reversed.
- The data schedule is slightly quieter Friday, with just US housing
starts/building permits and the prelim Uni. of Michigan data for July on the
docket. Speakers include ECB's Schnabel & de Guindos and BoE's Bailey. Some
attention will also likely be paid to earnings from State Street and BlackRock
and the ongoing EU Summit.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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