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Euro remains on the back foot amid French debt concerns
EUR/USD gives up earlier gains on Monday as the US Dollar (USD) remains firmly bid across the board, while French political and fiscal uncertainty weighs on the Euro (EUR). At the time of writing, the pair trades around 1.1178, retreating from an intraday high of 1.1217.
Mexican Peso: Steepening curve and carry risks – Rabobank
Rabobank strategist Molly Schwartz and Christian Lawrence discuss Mexico’s rates outlook after Banxico held the overnight rate at 6.50%. They note upside risks to inflation, market pricing for more than 100bp of hikes over a year, a pronounced steepening of the Mexican yield curve versus the US, and resilient foreign ownership of Mbonos and Cetes.
Russia Foreign Trade declined to $11.739B in August from previous $13.594B
Russia Foreign Trade declined to $11.739B in August from previous $13.594B
New Zealand Dollar retreats toward 17-month low on Oil-driven risk aversion
NZD/USD declines by 0.23% on Monday, trading around 0.5600 at the time of writing, as the New Zealand Dollar (NZD) remains under pressure against the US Dollar (USD).
US Dollar: Geopolitics support extends gains – ING
ING’s Chris Turner notes that the Dollar stays well supported as markets focus on solid US growth, above-target inflation and expectations for further Federal Reserve tightening. A potentially strong US September CPI is seen keeping rate expectations elevated. Turner highlights DXY consolidation above 102 as bullish and prefers a move towards 102.85 this week, with geopolitics offering additional support.
Canadian Dollar struggles as Fed and BoC policy outlooks diverge
USD/CAD trims part of its earlier decline on Monday as the US Dollar (USD) regains ground after opening the week lower. The Canadian Dollar (CAD) struggles to attract buyers as differing monetary policy expectations for the Federal Reserve (Fed) and the Bank of Canada (BoC) favour the Greenback.
Mexico Industrial Output (YoY) came in at 3.5%, above expectations (2.6%) in August
Mexico Industrial Output (YoY) came in at 3.5%, above expectations (2.6%) in August
Mexico Industrial Output (MoM) came in at 0.6%, above forecasts (0%) in August
Mexico Industrial Output (MoM) came in at 0.6%, above forecasts (0%) in August
0.8447 under pressure: EUR/GBP tests 16-month lows with France in the spotlight
The Euro (EUR) has resumed its broader bearish trend against the British Pound (GBP) on Monday after a mild recovery attempt at the end of last week.
Bank of Canada: Policy path steady with cautious inflation stance – TD Securities
TD Securities economists Robert Both and Emma Lawrence expect the Bank of Canada (BoC) to keep the Overnight Rate at 2.25% through 2026, before lifting it back to a neutral 2.75% in 2027.
New Zealand Dollar approaches YTD lows amid a subdued risk appetite
The New Zealand Dollar (NZD) retraces previous gains against the US Dollar (USD) on Monday and turns negative on the daily chart, with markets cautious amid the growing tensions in the Middle East and Oil prices at high levels.
Gold struggles below $4,200 amid stronger US Dollar, US CPI in focus
Gold (XAU/USD) consolidates losses on Monday after reversing earlier gains as traders avoid taking large positions ahead of US inflation data due later this week, which could offer fresh cues on the Federal Reserve’s (Fed) next move.
Swiss Franc: Mixed outlook against Euro around French spread moves – ING
Chris Turner at ING says EUR/CHF is consolidating after a sharp fall driven by French debt concerns that dampened ECB tightening expectations. Markets still price further rate hikes, and ING sees it as too early to cancel 2027 ECB hikes. The bank flags a possible correction to 0.9230/0.9250, while calmer periods could see EUR/CHF trade back to 0.9350/0.9400.