The market moved on the Fed narrative, with USD continuing to make gains and completely erase Wednesday's losses following the CPI print. Even the lower-than-expected PPI numbers and higher jobless claims couldn’t dent USD moves. The EUR got hit in the evening on reports that French parties on the left may well be forming a coalition, which could take votes away from President Macron.
*Daily move - against G10 rates at 7:30am, 14.06.24
** Indicative rates - interbank rates at 7:30am, 14.06.24
Yesterday's moves are continuing this morning, with USD gaining and EUR losing across the board. As we said earlier this week, the EUR will remain susceptible to any negative news, data, and political uncertainty, and that’s exactly what we’re seeing. GBPEUR is back at the 22-month highs this morning, and EURUSD is at a one-month low. USD is also benefitting this morning from the Bank of Japan leaving rates unchanged. Worth noting next week we have UK inflation and the Bank of England meeting – two risk factors for GBP. Have a lovely weekend readers.
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