06/02/2025
Summary:
We observed a partial reversal of Friday’s market movements, with risk appetite returning after Marine Le Pen’s morning remarks. Le Pen indicated that her National Rally party would not seek to unseat President Macron if they won the French election, suggesting a shift towards a more centrist position. Consequently, the USD weakened, while both GBP and EUR experienced moderate gains.
Speeches:
Market Insight:
Today’s key focus will be on US retail sales data as investors assess the health of the US economy. If the data does not disappoint, we expect the ongoing trend of USD strength to persist.
Marine Le Pen’s comments have reduced the political risk premium on the EUR, which could result in a short-term reversal of recent EUR weakness.
The main events for this week are the UK CPI figures due at 7 am tomorrow, followed by the Bank of England meeting on Thursday.