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Brazilian Real: Politics weighs but carry supports – ING
ING’s Chris Turner reports the Brazilian Real (BRL) underperformed in an otherwise supportive carry environment after a bank downgraded Brazilian equities and a new poll showed President Lula widening his lead ahead of October elections.
Indian Rupee: CPI and RBI repo rate risk skew higher – MUFG
MUFG’s Michael Wan notes India’s Consumer Price Index (CPI) is expected to edge up to 4.4% year-on-year from 4.3%. Reserve Bank of India (RBI) Governor Sanjay Malhotra said inflation is largely under control, supporting expectations for rates to stay on hold near term.
Indonesian Rupiah struggles due to weak fundamentals, increased risk aversion
USD/IDR extends its gains for the second successive day, trading around 17,920 during the European hours on Wednesday. The pair is advancing as the Indonesian Rupiah (IDR) faces pressure from weak domestic economic fundamentals and subdued market sentiment.
Japanese Yen: Interventions signal valuation shift – DBS
DBS Group Research Strategist Chang Wei Liang highlights that the Japanese Yen (JPY) remains undervalued but that this undervaluation has narrowed after Japan’s second FX intervention of 2026, conducted jointly with the United States (US).
Asia FX: Oil rebound keeps importers vulnerable – OCBC
OCBC’s Sim Moh Siong and Christopher Wong report that Philippine Peso (PHP), Indian Rupee (INR), Indonesian Rupiah (IDR) and Thai Baht (THB) weakened as Oil’s rebound renewed pressure on net importers.
Italy Consumer Price Index (MoM) above forecasts (0.2%) in July: Actual (0.3%)
Italy Consumer Price Index (MoM) above forecasts (0.2%) in July: Actual (0.3%)
Italy Consumer Price Index (YoY) came in at 2.9%, above expectations (2.8%) in July
Italy Consumer Price Index (YoY) came in at 2.9%, above expectations (2.8%) in July
Italy Consumer Price Index (EU Norm) (YoY) in line with forecasts (2.9%) in July
Italy Consumer Price Index (EU Norm) (YoY) in line with forecasts (2.9%) in July
Italy Consumer Price Index (EU Norm) (MoM) meets expectations (-1%) in July
Italy Consumer Price Index (EU Norm) (MoM) meets expectations (-1%) in July
Japanese Yen remains under pressure against US Dollar, US CPI data eyed
The Japanese Yen (JPY) trades cautiously against the US Dollar (USD) during the European trading session on Wednesday, with the USD/JPY edging up to near 159.36.
Norwegian Krone: Norges Bank cautious on hikes – Commerzbank
Antje Praefcke at Commerzbank highlights that Norges Bank kept its policy rate at 4.25% in June but signaled a higher chance of another hike, with the year-end rate forecast just over 4.5%.
CEE FX: Geopolitics drives rates and currencies – ING
ING strategist Frantisek Taborsky highlights easing Romanian inflation driven mainly by base effects, with the National Bank of Romania unlikely to cut rates before early 2027.
Euro remains subdued following German inflation data
EUR/USD extends its losses for the third successive day, trading around 1.1540 during the European hours on Wednesday. The pair holds losses as the Euro (EUR) remains weaker following the release of Germany’s Harmonized Index of Consumer Prices (HICP) data.