If the beleaguered euro and yen did not have enough to worry about already, they now must cope with Brent oil trading above $90/bl as the Saudis exten
support levels. EUR/JPY may face difficulties surpassing the 158.50 range and could potentially undergo a correction toward the 155 area.The term 'stagflation' is increasingly being used to characterize the Eurozone economy. This poses bearish implications for the euro, given its sensitivity to economic growth. Stagflation was a significant factor that weighed on the euro when it was introduced in 1999.
In other developments in Europe today, Poland is expected to initiate an easing cycle. This move appears to have been well-communicated in advance and may not exert significant downward pressure on the zloty. However, the combination of the softer EUR/USD narrative and higherCAD: An unsurprising pause by the Bank of Canada today
Market expectations have already priced in this dovish shift, and no major changes are expected further ahead. There's only a modest 9 basis points left in the CAD OIS curve for the remainder of the year. This suggests that the downside risks for the Canadian dollar resulting from today's pause should be limited. Additionally, the Bank of Canada is likely to avoid completely shutting the door on the possibility of further tightening.
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