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Lofty German Regional Inflation Prompts Renewed Risk-Off

FOREX
  • German regional CPI data has unsettled risk sentiment further this morning, with just over 2/3 of regions having reported so far. The regional data - and in particular Bavaria - are posing upside risks to the national reading later today, and has prompted renewed core bond sales and some resilience in the EUR.
  • Nonetheless, the USD is rallying against all others, partially reversing the rare downtick in the USD Index posted yesterday. Wednesday's high at 114.778 remains the cycle high, and EUR/USD's recovery off the day's lows may keep that mark out of reach for now.
  • Further evidence of unsettled markets in equity space, with core indices off 1.5-2.0% in Europe. High beta and growth proxy currencies including the NOK are therefore suitably lower, putting EUR/NOK again within range of key resistance and the bull trigger at the mid-June highs of 10.5402.
  • Focus looking ahead turns to the national German CPI print as well as Canadian monthly GDP, the weekly US jobless claims data as well as the tertiary Q2 GDP from the US.
  • Central bank speakers include no fewer than 16 scheduled ECB appearances (a handful of governing council members appear more than once) as well as speeches from BoE's Pill, Ramsden, Tenreyro and Fed's Bullard, Mester and Daly.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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