We saw a reversal of some of the moves on Friday with some risk appetite returning to the markets following comments made by Marine Le Pen in the morning. Le Pen suggested that her party would not attempt to push out President Macron should her National Rally party win in France’s election, suggesting that her party may well moderate and move closer to the centre of the political spectrum. USD weakened as a result and we saw GBP and EUR moderately higher across the board.
*Daily move - against G10 rates at 7:30am, 18.06.24
** Indicative rates - interbank rates at 7:30am, 18.06.24
US retail sales will be the main data point today as markets continue to gauge how the US economy is faring. Unless we see a soft number here we would expect the current trend of USD strength to continue.
Yesterday's comments from Marine Le Pen have eased the political risk premium attached to the EUR, meaning that the recent bout of EUR weakness could fade in the short term.
This week's main events remain tomorrow's UK CPI numbers at 7am and then the BoE meeting on Thursday.
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