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Published: 2025-01-22T11:16:22.000Z

Europe Summary and Highlights 22 January

byAdrian Schmidt

Senior FX Strategist
2

The USD and JPY lost ground to the riskier currencies through the European morning.

European morning session

The USD and JPY lost ground to the riskier currencies through the European morning. EUR/USD gained 30 pips to 1.0450, and AUD/USD was the best performer, gaining 30 pips to 0.6290. USD/CAD dropped 20 pips to 1.4320. GBP underperformed slightly, with EUR/GBP gaining around 10 pips to 0.8450. The pound fell back at the start of the session after a higher than expected public sector net borrowing figure of £17.8bn for December.

USD/JPY was not much changed at 155.75 and EUR/JPY reached its highest in a week at 162.75 reflecting the risk positive tone to the market. Equities were higher across the board, with Eurostoxx gaining around 0.75%.

Asia session

After the first strike on Canada and Mexico, Trump is floating the idea of a 10% tariff on both the E.U. and China. While it is a negotiation tactic, in a short run it brings more volatility to the market. So far, the U.S. Treasury Yields have recapped Tuesday's losses while JGB yields also rises. USD/JPY is trading 0.25% higher at 155.87. 

The NZ Q4 CPI continue to tread within RBNZ's target range while RBNZ own preferred inflation model is lower at 3.1% y/y from 3.4%. The trajectory aligns with RBNZ's forecast and points towards more easing  from the bank. The NZD/USD  is trading 0.33% lower at 0.5669, AUD/USD is down 0.17% at 0.6262 while USD/CAD rose 0.12%. Else, EUR/USD is down 0.12% and GBP/USD is down 0.16%.

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