BNY Mellon: Warning Signs

BNY Mellon: Warning Signs

16 januari 2019

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By Neil Mellor, Senior Currency Strategist, BNY Mellon

By Neil Mellor, Senior Currency Strategist, BNY Mellon

The euro has put in a flat performance against the USD and has fallen 2.5% against GBP since mid-December – a period in which Brexit has been fought to a standstill and in which the Fed has tipped its hat to growing doubts over its plans to hike rates this year. Clearly, the EUR has its own problems.

The price action yesterday was revealing in this respect: by bolstering justification for the Fed’s more cautious stance on rates, more weak US data – the January Empire State survey and December PPI – were a red rag to would-be EUR bulls

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