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The ongoing political struggles in Germany and France, along with expectations for an ECB rate cut and more dovish leaning communication at tomorrow’s meeting have kept the Euro well capped into rallies. read report
We’re seeing a lot of consolidation in markets ahead of some key economic data and central bank policy risk later this week. This includes tomorrow’s Bank of Canada decision and US inflation data, and an ECB decision on Thursday. read report
The US Dollar has made a comeback after the latest round of solid economic data out of the US including a slightly better than expected NFP print and above forecast Michigan sentiment read. Odds for a more aggressive Fed rate cut this month have come off the table as a consequence. read report
The Barnier resignation and conciliatory remarks from Marine Le Pen suggest the worst could be over in France, though the market will be wanting to see what President Macron does over the weekend with respect to his new appointment. read report
The Euro has done a good job holding up despite all of the drama out of France. Market participants will now be anxious to see who President Macron appoints to succeed Michel Barnier and what the formation of a new government will look like. read report
Trump’s warnings to the BRICS nations against a competing currency to the US Dollar, and political turmoil in France have been the major stories over the past 24 hours. Both stories have translated to renewed demand for the US Dollar on the Trump trade impact and flight to safety appeal. read report
