The FX Files – It’s Abysmal

FICC Strategy Reports

Unexpectedly bad data in the Eurozone (PMI) and the UK (Retail Sales,
PMI) has the market bid for the greenback, with EUR/USD down -0.45% overnight to
1.044 and GBP/USD down -0.47% to 1.2530. The miss in Eurozone PMIs was strong
enough to reprice the ECB’s December meeting, with an outsized cut now seen as the
most likely scenario (~39bps priced, from ~29bps yesterday)

This content is for signed-on users only

To view the full spectrum of CIBC Capital Markets Insights,
please sign on or request an account below:

Or