European Central Bank official Nagel said that the core inflation in the eurozone "remains sticky".

Joachim Nagel, a member of the European Central Bank, said that it is a fact that the basic inflation in the euro area is stubborn. The German central bank president reiterated at the Americas International Economic Forum that he and his colleagues will not simply automatically lower borrowing costs, but will determine the situation at every meeting. "Core inflation is indeed still sticky," Nagel said in Montreal, Canada, on Wednesday, acknowledging that easing monetary policy last week was right. "Our road is bumpy, but we all know that the last mile is the most complex." The European Central Bank cut interest rates last week as expected, but also raised its outlook for 2024.

環球市場播報17:15 ET

The European Central Bank said that the euro's share in global foreign exchange reserves dropped due to the impact of the Russia-Ukraine war.

According to a report by the European Central Bank, the share of the euro in the global official currency holdings fell to its lowest level since 2017 last year. In the past year, the euro-denominated assets held by countries decreased by about 1 percentage point, pushing the euro's share in forex reserves to 20% at the end of the fourth quarter. It was 21% in 2022 and 19.2% in 2017. The European Central Bank stated that potential reasons for the decline in the popularity of the euro mentioned in the report include the Russia-Ukraine war and the Swiss National Bank's currency intervention. The report pointed out that about 40% of Russia's forex reserves are in euros. As of the end of last year, the total amount of assets held by the European Central Bank was about 4.9 trillion euros.

環球市場播報Jun 12 11:30 ET

China Post Securities: ECB cut interest rates, raising inflation expectations for 2024 and 2025 higher than expected, without making any commitment to future rate paths.

ECB President Lagarde said that the decision to cut interest rates was supported by historical data, while the upward adjustment of inflation expectations was a judgement on the future, and the two were not contradictory.

Zhitong FinanceJun 11 23:04 ET

EUR/CHF Went Down By Over 2% In The Last 21 Sessions

EUR/CHF (EURCHF) has been up by 2.09% for the last 21 sessions. At 19:06 EST on Tuesday, 11 June, EUR/CHF (EURCHF) is $0.96.

Via newsJun 11 19:07 ET

EU Elections, EUR/CHF Loss, Make Swiss Rate Cut More Likely Says Rabobank

European political upheaval and the resulting loss for EUR/CHF this week make it more likely that Switzerland's central bank will cut its interest rate for a second time this month, according to Rabob

MT NewswiresJun 11 11:38 ET

Euro Under Pressure as Macron Calls Snap Election

The euro is down for a third straight day and has dropped 1.3% since Thursday. EUR/USD is trading at 1.0731 in the European session, down 0.32% on the day. There are no releases out of the US or the eurozone today.

FXStreetJun 11 08:05 ET