EUR/USD gets rid of some political risk premium

The Euro is trading stronger this morning after the outcome of the first-round French parliamentary elections came in quite close to polls, with a victory for the National Rally. We think this week’s US data can push EUR/USD higher, but French politics can still put a cap on the pair this summer, ING FX strategist Francesco Pesole notes.

” “On the data side, the eurozone calendar’s main highlight is the flash CPI estimates for June, released tomorrow. The ECB’s forum in Sintra runs from today until Wednesday and will offer plenty of discussion on policy and inflation. Among speakers, ECB President Christine Lagarde, Federal Reserve Chair Jerome Powell, Isabel Schnabel and Philip Lane stand out. On Thursday, June’s ECB minutes are released.

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EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since May 30, 2024 13:00 GMT when EUR/USD traded near 1.08.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/USD-bearish contrarian trading bias.
Source: DailyFX - 🏆 305. / 63 Read more »

EUR/USD IG Client Sentiment: Our data shows traders are now net-short EUR/USD for the first time since Jun 13, 2024 when EUR/USD traded near 1.07.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/USD-bullish contrarian trading bias.
Source: DailyFX - 🏆 305. / 63 Read more »