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ECB’s Elderson: The risks of inflation turning out higher than expected are balanced

In an interview with a Spanish newspaper, Expansion, on Tuesday, European Central Bank (ECB) board member Frank Elderson shared his view on the inflation outlook.

Key quotes

"The risks of inflation turning out higher than expected are balanced with those of inflation being lower than expected.”

“Overall, what we are now seeing is that it will converge to our 2% target in the medium term."

Market reaction

At the time of writing, EUR/USD is holding steady near 1.1560, unperturbed by these comments.

Euro Price Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the British Pound.

USD EUR GBP JPY CAD AUD NZD CHF
USD 0.04% 0.41% 0.17% 0.09% 0.22% 0.04% -0.08%
EUR -0.04% 0.38% 0.11% 0.05% 0.18% 0.00% -0.12%
GBP -0.41% -0.38% -0.26% -0.32% -0.22% -0.37% -0.50%
JPY -0.17% -0.11% 0.26% -0.08% 0.05% -0.14% -0.25%
CAD -0.09% -0.05% 0.32% 0.08% 0.13% -0.06% -0.18%
AUD -0.22% -0.18% 0.22% -0.05% -0.13% -0.18% -0.35%
NZD -0.04% -0.00% 0.37% 0.14% 0.06% 0.18% -0.13%
CHF 0.08% 0.12% 0.50% 0.25% 0.18% 0.35% 0.13%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

Pound Sterling slumps as UK job market deteriorates further

The Pound Sterling (GBP) falls sharply against its major currency peers on Tuesday. The British currency weakens as the United Kingdom (UK) labour market data for the three months ending September has signaled that job market conditions have deteriorated further.
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EUR: Still a bit cheap – ING

EUR/USD remains around 1% undervalued according to our short-term fair value model, ING's FX analyst Francesco Pesole notes.
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