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Published: 2024-05-20T19:46:27.000Z

North American Summary and Highlights 20 May

byDave Sloan

Senior Economist , North America
3

Overview - The USD saw gains versus the EUR in Europe and the JPY in North America in a day with no significant economic data.  

North American session

USD/JPY bounced from near 155.75 above 156 early in the session eventually extending to 156.25. Movements elsewhere were modest though the USD made modest gains versus AUD and CAD, was slightly weaker versus GBP and little changed versus the EUR around 1.0860.

There was no significant data but plenty of Fed speakers, with Bostic, Barr, Jefferson, Daly and Mester all suggesting cautions towards easing given stubborn inflation. There were no major revelations, though Mester said she no longer favored three rate cuts in 2024. 

European morning session

EUR/USD lost around 15 pips to 1.0870 in a quiet European morning. AUD/USD also slipped lower, trading down around 15 pips o 0.6690, but there was little change in USD/JPY or GBP/USD. EUR/CHF fell back below 0.988 after initially testing up towards 0.9895. EUR/SEK fell 4 figures to 11.61.

There was no data of note, but there were some comments from BoE deputy governor Ben Broadbent, who echoed the comments from BoE chief economist Pill last week in saying that even if the BoE cut rates, monetary policy would still be restrictive. He also said the decline in inflation pressure was reassuring, but noted that the MPC was wary of cutting rates because of the experience of the last few years. But his comments sounded mildly dovish, though GBP was firmer against the EUR through the morning.  

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