Title: Euro stands firm ahead of inflation gauge, Lagarde speech
Jun 28, 2022 01:05AM ET
The euro held onto its recent gains on Tuesday ahead of this week's expected high European inflation figures and a speech by central bank chief Christine Lagarde, while a rise in oil prices boosted commodity currencies.
The euro rose 0.28% overnight and at times pushed above its 50-day moving average. It was last trading at $1.05744.
The dollar posted modest gains against other currencies overnight, trading at 135.33 yen and $0.693 per Australian dollar in Asian trade.
German inflation figures are expected on Wednesday, French data on Thursday and eurozone figures on Friday. European Central Bank President Lagarde will speak at the ECB Forum in Sintra, Portugal, at 04:00 AM ET on Tuesday.
"These inflation data will have a significant impact on the ECB's monetary policy stance, in particular on the course of its rate hike cycle, which is expected to begin in July," CMC analyst Kelvin Wong said.
The euro is trading firm against the yen in anticipation of a rate hike, last trading at 143.1 yen, near last week's seven-year high of 144.24.
Sterling is also on the upswing, up 1.2% this month to 86.18 pence.
The weak link is the Swiss franc, which has tested parity with the single currency after the Swiss National Bank's surprise interest rate hike in early June.