This morning, the euro remains on a high after surging yesterday on the back of Hawkish ECB minutes which appeared to point to change in forward guidance in coming months. The EUR/USD has been pushed back to the recent highs, while the EUR/JPY erased most of Wednesday’s losses.
The EUR/GBP has risen for the previous two days and is holding those gains as the euro continues to outperform the pound. The pound is slightly higher, but remains subdued as the attention turns to the euro.
The Aussie and Kiwi are on the back foot this morning, though these losses are in line with other pairs.
The USD/JPY is unchanged so far today, but the downside momentum appears to remain unchallenged.
Gold is extending its winning run seen since the middle of December, breaking out of the recent trading range.
Today, we have US CPI at 13.30, with retail sales at the same time.
German Bupa President Weidmann speaks at 16.30.
Gold has out-performed these last few weeks, with the September highs the next likely target.