The Euro is being driven further higher as market participants continue to price in a series of potential rate hikes late during the back end of the year. The Euro Zone is also being hit hard by runaway price pressures with the latest German headline inflation reading – due out later today – expected to hit 6.3% in March, up from 5.1% in the prior month. Earlier today, data showed that Spanish headline inflation hit 9.8% in March, up from 7.6% in February, the highest level seen since 1985.
The recent push higher has also broken a long-term series of lower highs, and if this remains the case in the days ahead, the early March 0.8203 print may be a longer-term low.The recent bout of Japanese Yen weakness, prompted by the Bank of Japan’s announcement this week that they will buy unlimited amounts of three, 10-year JGBs up to a yield of 0.25%, has unsurprisingly weakened the Yen against a range of currencies.
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