The report highlights that the upcoming court ruling on Marine Le Pen is not expected to significantly impact the Euro, as markets have largely priced in an RN win. Meanwhile, FX markets remain quiet with a focus on Japanese intervention risks and upcoming central bank updates.
Key Takeaways
- 1.The French court ruling on Marine Le Pen is unlikely to cause significant volatility in the euro compared to political developments.
- 2.USD/JPY intervention risk remains elevated as the pair trades near 162.0.
- 3.Lower inflation data in Hungary is expected to support further rate cuts by the National Bank of Hungary.
Table of Contents
- USD: Quiet markets, carry favoured
- EUR: Court decision on Le Pen not that important
- CZK: Soft CPI may test CNB hawkish pricing
- HUF: Lower inflation opens path to more rate cuts
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Authors
Francesco PesoleChris TurnerFrantisek Taborsky
Securities
USDJPYEURGBPEURCZKEURHUF
Themes
Carry TradeCentral Bank PolicyPolitical Risk
Regions
EuropeFranceJapanUnited States