FX Daily: Lagarde lifts some support from the euro
USD: Focus on consumer confidence and JOLTS today Optimism about any progress in US-Iran negotiations is fading at the start of this week, with Iranian officials reportedly saying a deal is unlikely before the 3 November US midterms. For now, the Trump administration is not budging on key conditions and yesterday refused a proposal by ...
The euro showed resilience despite comments from ECB President Lagarde, who suggested a wider spread in financial conditions. The remarks hinted that a Fed hike in October would be more likely than an ECB action. EUR/USD could be tested at the 1.1320-30 summer lows if US data proves strong, as Lagarde's comments provided some relief to the euro.
In Australia, the Reserve Bank of Australia maintained interest rates at 4.60%, but the market reacted negatively following dovish remarks from Governor Michele Bullock about global economic risks. Emerging market currencies continued to face pressure due to a strong US dollar and higher energy prices, and the outlook for currencies in the CEE region was also bearish at this stage.
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- EUR/USD: Lagarde’s dovish tilt weighs on Euro – ING fxstreet.com