Europe FX Handover – 1st April 2019
Fawad Razaqzada April 1, 2019 7:59 AM
A snapshot view of currency moves ahead of the US open.
- Risk-sensitive assets such as stocks, copper and commodity dollars rose in response to stronger Chinese manufacturing PMI data
- Eurozone CPI again disappointed (headline CPI printed +1.4% vs. +1.5% y/y expected and Core CPI +0.8% vs. +0.9%), causing the euro to weaken, while the pound rose in response to stronger UK manufacturing data, only for continued Brexit uncertainty to limit the gains. MPs will hold a second round of votes later on Brexit options to try and resolve the deadlock.
- Turkish Lira initially fell in response to news President Recep Tayyip Erdogan’s ruling coalition lost ground in a series of elections on Sunday, before rebounding back. At the time of writing the USD/TRY was trading around 5.5200, testing fresh daily lows.
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