Currency news

EUR hit on French politics

Head of FX Analysis at Equals Money
-
3
min read
Publish date
14/06/24
    • Reports of coalition on the left dents support for Macron
    • USD continues to gain following Fed meeting


    Yesterday's currency recap

    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.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD 0.11% 1.9232
    GBPCAD -0.18% 1.7535
    GBPCHF -0.47% 1.1398
    GBPDKK 0.20% 8.8510
    GBPEUR 0.20% 1.1865
    GBPJPY -0.42% 199.8440
    GBPNOK 0.43% 13.6066
    GBPNZD -0.05% 2.0681
    GBPSEK 0.60% 13.3762
    GBPUSD -0.43% 1.2745


    *Daily move - against
    G10 rates at 7:30am, 14.06.24

    ** Indicative rates - interbank rates at 7:30am, 14.06.24

    Key data points

    Currency Event Period Consensus Previous
    USD U. of Michigan Sentiment Jun 72 69.10

    Upcoming speeches

    • None today.

    What we think

    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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    About the author
    Thanim Islam
    Profile
    Head of FX Analysis at Equals Money

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