Eurozone Inflation Eases But ECB Likely To Keep Interest Rates On Hold: MIDF Research Finds

Consumer prices slip to 2.5% but core rate stays high, prompting little belief in further cuts in borrowing costs, news reports cited recently MIDF Research said the ECB will keep its interest rate status quo for Jul-24 policy rate.

Business Today21:54 ET

Lagarde: High inflation in the Eurozone is not all due to the "Taylor Swift Effect".

Christine Lagarde, president of the European Central Bank, said on Tuesday that Taylor Swift's "Reputation" tour is not the only factor driving high inflation in the eurozone. Despite the service industry inflation remaining high last month at the G20, it cannot be solely attributed to the stimulating effect of the "Haylor" concert on consumer spending. Lagarde said in an interview, "You know, this is not just about Taylor Swift. Others have come too." Lagarde was responding to questions about whether Swift's tour had pushed up service industry inflation.

環球市場播報20:02 ET

Another European Central Bank official has signaled! Committee Member Makhlouf: We expect to only cut interest rates once this year.

According to Zhītōng Cáijīng, Gabriel Makhlouf, the Governing Council member of the European Central Bank and Governor of the Central Bank of Ireland, said that he is satisfied with another interest rate cut this year because he needs more time to ensure that the inflation rate is on track toward 2%. According to reports, Makhlouf said during the European Central Bank forum held in Sintra, Portugal, "I am confident about the expectation of another interest rate cut." He said, "I think it may have been a bit too much to expect two rate cuts as early as the beginning of July. I’m not saying I exclude that possibility." Meanwhile, several European Central Bank officials have also lowered interest rates in June this week.

Zhitong Finance19:25 ET

Canadian Dollar Rebounds on Tuesday, Extends Choppy Trading Pattern

The Canadian Dollar (CAD) recovered ground on Tuesday after CAD traders shrugged off a slight misfire from Canadian Purchasing Managers Index (PMI) figures. Market sentiment is broadly picking up steam and carrying the Canadian Dollar into recovery mode.

FXStreet13:02 ET

Canada Insolvencies Climb 12.3% in May From Year Ago

Canadian insolvencies rose over 12% in May from a year ago, indicating households and businesses are struggling with higher interest rates.

WSJJul 2 10:57 ET

EUR: Inflation Is Set to Slow Down – ING

The relief rally in the Euro (EUR) following French election results being in line with expectations ran out of steam on Monday, and there are doubts there will be significant extra support for the common currency given the open questions ahead of the second round on Sunday 7 July, ING’s FX strategist Francesco Pesole notes.

FXStreetJul 2 10:36 ET