Monex: EURUSD noteert lager door verslechterde marktstemming

Monex: EURUSD noteert lager door verslechterde marktstemming

Valuta
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Hieronder volgt een kort commentaar in het Engels van Ima Sammani, valuta analist bij Monex Europe op de Amerikaanse dollar, euro en het Britse pond.

EUR
While most G10 currencies struggled to keep up with the strengthening dollar this morning amid worsening risk appetite, weakness in EURUSD was particularly visible as this was paired with data from the eurozone showing European car sales fell 18% in August after a 24% decline in July on a year-on-year basis. Car production is being weighed down by the global semiconductor shortage that carmakers have warned will extend well into next year. The declines were broad-based, with Germany, France, Italy and Spain all seeing significant drops over the past months. The calendar is light for the remainder of the day, with the participation of the European Central Bank’s Christine Lagarde in today’s HEC talks at 14:00 CET being the main event of note. Beyond that, the euro is likely to take cues from US retail sales later in the afternoon.

 
USD
A deteriorating market mood helped to moderately lift the US dollar this morning as market participants assessed risks from the debt crisis at China Evergrande while data from China overnight pointed to growth concerns. Retail sales came in at 2.5% YoY compared to 7.0% expected, while industrial production printed closer to but still below expectations at 5.3% YoY vs the 5.8% consensus. Today’s focus will be on US retail sales after CPI data earlier this week pointed to a moderation in the core inflation reading. With retail sales being the final piece of data before the Federal Reserve’s decision next week, markets will pay close attention to the details of the report and its implications for fixed income markets and policy expectations.

 
GBP
Sterling has started the morning slightly lower against the dollar but remains trading above key psychological levels this morning. Yesterday, news largely focused on the rise in CPI inflation on an economic front, while in the afternoon political developments took priority as Prime Minister Boris Johnson reshuffled his cabinet after suggestions that Downing Street had hit a post-pandemic lull in popularity and activity. Today, the data calendar is largely clear for the pound, however, US retail sales will be viewed for any indication of how the latest consumption patterns look ahead of tomorrow’s UK retail sales data.