The waiting game continues

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In Europe, politics continue to steal the show with rumours circulating on French president Macron’s potential resignation. Those murmurs have since been denied but it speaks to the delicate situation in the room at the moment.

The euro is down again slightly on the day, with EUR/USD lower by 0.2% to 1.0737. EUR/GBP is also down another 0.3% to 0.8428 to its lowest level in almost two years. And that comes despite a somewhat sluggish UK jobs report earlier.

Besides that, major currencies aren’t really doing a whole lot else. USD/JPY is flat at 157.10 and GBP/USD likewise at 1.2735 currently. AUD/USD is down a touch to 0.6600 but it is just a minor pullback after yesterday’s advance.

In other markets, equities are leaning to the softer side. S&P 500 futures are down 0.2% and European indices are down as the political angst continues to grip the region.

The bond market is also sending a mixed signal today, with yields holding lower. 10-year yields in the US are down 3.6 bps to 4.433%, a slight retreat after the move higher yesterday.

The waiting game continues ahead of tomorrow’s main events. We will get both the US CPI report and FOMC meeting decision on the same day for the first time since June 2020. So, that will make for quite a blockbuster US trading session in the day to come.

This article was written by Justin Low at

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