Politics drive the tape: EUR dips, JPY tumbles

Yesterday's currency recap

Political developments set the tone for market activity yesterday, with the resignation of the French Prime Minister and the surprise victory of Sanae Takaichi in the LDP leadership race.

EURUSD its lowest point in a week, though the decline moderated during New York trading. Meanwhile, JPY experienced its weakest opening in more than three decades.

Today's GBP rates

Speeches

• EUR: ECB Nagal, Lagarde
• USD: Fed Bostic, Bowman, Miran, Kashkari

What we think

Today brings minimal new economic data, with attention turning to a series of remarks from both ECB and Fed officials. Market focus is drawn to the JPY, which continues to soften amid expectations that the BoJ will maintain its current policy stance during the Takaichi administration. Meanwhile, the New Zealand dollar is under pressure ahead of tomorrow’s highly anticipated RBNZ decision, where an interest rate cut is broadly anticipated - the key uncertainty remains the scale of the move. The US dollar, meanwhile, continues to gain momentum this morning.

Read more about key events here:

• When is the next OCR announcement NZ?
• When is the next Bank of Japan interest rate decision?

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