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Strong French Inflation Data Prompts EUR/USD to Reverse Overnight Losses

FOREX
  • The EUR is on the front foot early Tuesday, reversing overnight losses posted against the USD on the back of higher-than-expected French CPI for February. The data came alongside a solid bounce for consumer spending covering the same month, helping prompt markets to price in tighter policy and a higher peak rate for the ECB later this year.
  • EUR/USD rallied to touch 1.0625 on the move, extending the recovery off yesterday's lows to just under a point. The move in USD/JPY was similarly notable, with spillover buying in EUR/JPY helping put the pair at the best levels since mid-December.
  • A stronger retail sales release for Australia did little to prop up antipodean currencies which clearly continue to be sold in this environment as front-end rates march higher. AUD and NZD are again among the poorest performers in G10.
  • The MNI Chicago Business Barometer marks the calendar highlight Tuesday, with Richmond Fed and February consumer confidence also on the docket. The speaker slate sees an appearance from Fed's Goolsbee, with text set to be released.
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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