EURUSD closes in on parity; White house plays down inflation figures; Rules set for tory leadership contest.
July 12, 2022
GBP/USD 1.1833 GBP/EUR 1.1822 EUR/USD 1.0010 USD/CAD 1.3042 EUR/CHF 0.9848 EUR/SEK 10.6641 EUR/NOK 10.2622 EUR/DKK 7.4396 USD/ILS 3.5010 AUD/USD 0.6721 NZD/USD 0.6108 USD/SGD 1.4075 USD/JPY 137.16 USD/CNH 6.7490 USD/INR 79.6238 EUR/ILS 3.5043 GBP/ILS 4.1427 USD/ZAR 17.1438
The UK’s new prime minister will be announced on September 5th, as tory rule changes opt to narrow the field of contenders. Meanwhile, Labour announced that they will table a motion of no-confidence in the government today.EUR
The euro trades only 7 pips from parity as we print, as euro weakness continues amid an energy crisis and growing recession fears.
Germany’s ZEW survey is expected to show deteriorating investor confidence as uncertainties emerge in Europe’s gas supply chain, and Germany saw its first monthly trade deficit in three decades.USD
The white houses looked to ease concerns of inflation, as data is expected to show the fastest price increase in 40 years. They have described tomorrow’s inflation figures as ‘backwards-looking’, with forecasts show CPI rising to 8.8%.
James Bullard played down recession risks, while Bostic advocated another 75-basis point hike.ASIA/PACIFIC
Senior US officials head to Asia continuing the US ‘charm offensive’. Japan’s former currency chief Furusawa has stated that the Yen should not be propped up by the state. The current Yen moves do not meet the level of excessive moves warned against in G-7 agreements.ILS
USDILS trades above 3.5 once again as we print, after trading below 3.5 since Thursday last week.Data & Events
German ZEW Survey
ECBs Villeroy speaks
BoE Bailey Speaks.
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