S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico MarketThe EUR/USD pair showed bullish momentum on Tuesday, as short-dated EUR swap rates declined. The stronger euro poses a risk to the ECB’s inflation targets, prompting concerns among policymakers. A failure to break below 1.1910/20 could maintain bullish momentum, with potential targets extending to 1.23/24, ING analysts Chris Turner notes.
Stronger euro raises inflation concerns
“Failure of EUR/USD to break back under 1.1910/20 now keeps bullish momentum intact. In fact, it now looks like Monday’s gap higher could be a very bullish ‘breakaway gap’, which could see the move extend all the way to 1.23/24, as unlikely as that seems.”
“One of the threats to the neutral ECB policy outlook has been the stronger euro. And yesterday’s EUR/USD price action suggests the doves at the ECB might be right to worry that a stronger euro could see the ECB missing its inflation target to the downside.”
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