EUR/USD to move through 1.10 on US Core inflation below 5% – SocGen EURUSD USDJPY USDCAD Inflation Banks
The Dollar was softer ahead of the data than recent rate/yield moves might have suggested; that’s to say that the very close correlation between USD/JPY and 5-year yield differentials has broken down a bit, and the jobs data narrow that gap slightly. Likewise, EUR/USD, which has been tracking short-term rate differentials, was too high and is now too high by a smaller margin. Meh! We’re unlikely to break ranges with this.
The Canadian data posted strong jobs growth but a significant slowdown in wage growth to 3.9%. That’s left the market split about Wednesday’s Bank of Canada meeting. A hike keeps USD/CAD downward momentum in place.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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