EU: Eurogroup Meet In Copenhagen w/UK, Canada & Ukraine FMs In Attendance
Sep-19 08:45
Eurozone finance ministers are meeting in Copenhagen for a Eurogroup meeting to be followed by an informal wider meeting of all EU finance ministers under the Danish presidency of the Council of the European Union. Joining the informal meetings taking place on 19-20 September will be the UK's Chancellor of the Exchequer, Rachel Reeves, Canadian Finance Minister Francois-Philippe Champagne, Norway's Jens Stoltenberg, and Ukraine's Sergii Marchenko.
- The Eurogroup meeting got underway at 09:00CET (03:00ET, 08:00BST), with a focus on the work programme to June 2026, macroeconomic developments in the currency union, the digital euro, and developments in the G7. A post-meeting presser is due at the top of the hour (livestream here).
- The informal wider meeting of EU finance ministers gets underway in the afternoon, with a discussion on 'Simpler financial regulation'. Saturday, 20 Sep will see discussions on 'National structural reforms to strengthen productivity and competitiveness', and 'Geopolitics and the global economy at a Crossroads'. A closing press conference will take place at ~13:00CET (07:00ET, 12:00BST).
- The attendance of the four non-EU finance ministers signals a wider geopolitical aspect to the ECOFIN meeting, with issues of trade, defence and security likely to feature prominently (especially as the EU gears up for a potential 19th round of sanctions on Russia, see 'EU-RUSSIA: Commission Expected To Present 19th Round Of Sanctions', 08:47BST)
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Historical bullets
NZD: NZD and AUD are extending losses
Aug-20 08:33
- The Kiwi is still under considerable pressure following the quite Dovish Rate Cut from the RNBZ, the MPC decided to cut rates 25bp to 3% by a vote of 4-2 with two members voting for a 50bp reduction, and signalled further easing if Inflation kept falling.
- NZDUSD is set for a test down to 0.5803, as noted on the European Cash Govie open, the 50% retrace of the April July Range.
- The AUD is now also testing a new low, mentioned Yesterday, that while the Conditions were still bullish, very short term Risk was to the downside, and should likely see a test down to 0.6419 initially, the August low.
(Chart source: MNI/Bloomberg Finance LP).
BTP: Block trade
Aug-20 08:23
BTP Block trade, suggest unconfirmed seller:
- IKU5 ~1.29k at 120.40.
FOREX: FX OPTION EXPIRY
Aug-20 08:15
Of note:
EURUSD 1.14bn at 1.1675.
USDJPY ~1bn at 148.00.
EURUSD 1.58bn at 1.1700 (thu).
USDJPY 1.42bn at 147.90 (fri).
EURUSD 1.06bn at 1.1650 (mon).
- EURUSD; 1.1600 (853mln), 1.1650 (594mln), 1.1675 (1.14bn), 1.1700 (250mln).
- GBPUSD: 1.3500 (300mln).
- USDJPY: 148.00 (991mln).
- AUDNZD: 1.1000 (741mln).
