EUR/USD reached a new cycle high around 1.25
|EUR/USD
EUR/USD reached a new cycle high around 1.25. Dollar weakness persists despite the rising interest rate differential in favour of USD. Trump’s protectionist rhetoric weighted on the greenback.
EUR/GBP
EUR/GBP stays in a sideways range, roughly between 0.8700 and 0.9050. A break of the downside didn’t occur despite hawkish BoE-rhetoric as the difficult Brexit-process remains a drag on sterling.
USD/JPY
USD/JPY is the exponent of dollar weakness. The pair tests key support around 106.50. Investors seem to challenge Japanese officials as they say that current levels of the yen don’t warrant FX interventions.
EUR/CZK
EUR/CZK: the CNB hiked its policy rate from 0.5% to 0.75%. We expect two additional tightening moves during the year and a strengthening of the koruna towards EUR/CZK 25. Governor Rusnok sounded slightly dovish though after the policy meeting.
EUR/PLN
The Polish zloty lost some ground this month because of the uptick in market volatility and as the NBP downplayed normalisation expectations. Governor Glapinski delayed the expected timing of a first hike from the end of this year to next year.
EUR/HUF
EUR/HUF: The forint trades stable between 305 and 315 already for a remarkable amount of time. The MNB continues pursuing an extremely easy policy despite strong underlying growth and inflation momentum.
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