Makro Haberleri

MUFG economists highlight that the Swiss Franc (CHF) has underperformed as the Swiss National Bank (SNB) leans against currency strength and downplays current inflation.

Scotiabank strategists Shaun Osborne and Eric Theoret report the Euro (EUR) is slightly softer versus the Dollar (USD), struggling against resistance in the upper 1.17s as softer European Central Bank (ECB) expectations weigh, partly offset by better risk sentiment.

ING’s Chris Turner notes the Dollar has started the week slightly stronger as hopes for a Middle East ceasefire fade and Oil prices jump. He highlights US April Consumer Price Index (CPI) as the key release, with expectations for higher headline and core inflation.

TD Securities economists expect US inflation data to firm in April, with core Consumer Price Index (CPI) boosted by shelter and airfare components and headline CPI lifted by higher Oil and food prices.

Rabobank’s Senior FX Strategist Jane Foley discusses the Japanese Yen (JPY), noting that expected endorsement from the United States (US) Treasury for recent Ministry of Finance (MoF) FX intervention should support the currency in the near term.

Gold (XAU/USD) opens the week with a bearish gap as persistent uncertainty surrounding the US-Iran war continues to fuel Oil-driven inflation fears, maintaining pressure on central banks to keep borrowing costs elevated.

ING’s Chris Turner says EUR/USD has held up thanks to a softer Dollar and strong Asian AI-related risk sentiment, but Eurozone activity data remain weak. He argues that expectations for European Central Bank (ECB) hikes this summer are preventing a drop toward 1.15.