Published: 2024-06-25T11:12:38.000Z
European Summary and Highlights 25 June
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Director of Research , Macroeconomics and Strategy
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The USD traded sideways in Europe, with the market searching for short-term direction.
The USD traded sideways in Europe, with the market searching for short-term direction. Though the JPY consolidated yesterday small gains, the mood still remains JPY negative looking for a test of 160 given the mood of higher for longer on Fed rates.
However, some traders are watching the sharp pullback in Nvidia share price in the last few sessions and wonder whether this means a choppier phase for U.S. tech stocks that could see investors rotating elsewhere, which could soft the USD if it become a bigger theme.
EUR remains steady with focus on the 1 round of the French elections this Sunday. Though the hard right national rally have gained some ground in the opinion polls, the French bond market is becoming less worried about a minority national rally government on the view that their fiscal aims are now modest compared to the hard left Popular front huge fiscal stimulus desires.