FX Update: EUR-USD edged out a fresh eight-day low
FX Update: EUR-USD edged out a fresh eight-day low at 1.1199 in early London trading before settling back in the lower 1.1200s, with an upward revision in Eurozone June HICP data giving the euro some buoyancy. The low had been the product of dollar, which was given a boost yesterday following above-forecast industrial production and retail sales data out of the U.S. The data took the edge off Fed easing expectations, though a 25 bp cut on July 31 is still being fully discounted by Fed fund futures. USD-JPY has settled below yesterday's three-day peak at 108.37. The pair has been in a bear trend for some 12 weeks now, declining in the latest week after rising over the prior two weeks. Cable hit a 27-month low at 1.2382, and EUR-GBP a six-month high at 0.9051. This is now the 10th week out of the last eleven that Sterling has seen a new lower low against the euro, while this is the fifth week out of the last six that the Pound has seen a lower low in the case against the dollar. Markets have been factoring increased odds for a no-deal Brexit, with Boris Johnson looking set to be anointed the new UK prime minister next Tuesday. USD-CAD consolidated lower after yesterday printing a five-session high at 1.3093. Oil prices today found a toehold after dropping 3.5% yesterday.