The euro spikes following a report the ECB will discuss removing its easing bias next week

The euro jumped following a report that the European Central Bank will discuss removing easing bias next week.

The currency was little changed at 1.1174 against the dollar at 8:07 a.m. ET after earlier being in the red for a fourth straight session.

Reuters reported Tuesday, citing four sources, that ECB policymakers are “set to take a more benign view of the economy when they meet on June 8 and will even discuss dropping some of their pledges to ramp up stimulus if needed.”

“After the French election the political risk is clearly down and economic indicators are by and large positive, so it’s time to acknowledge this,” one Governing Council member who did not wish to be named told Reuters.

Separately, Germany CPI fell 0.2% month-over-month in May, below expectations of a 0.1% drop, while French consumer spending rose 0.5% month-over-month in April, below expectations of a 0.7% uptick.

As for the rest of the world, here’s the scoreboard as of 8:09 a.m. ET:

  • The US dollar index is little changed at 97.37 ahead of a slew of data. Personal income and spending and PCE core prices will be released at 8:30 a.m. ET before S&P Case-Shiller home prices and consumer confidence cross the wires at 9 a.m. and 10 a.m. ET, respectively.
  • The British pound is little changed at 1.2859 against the dollar. Meanwhile, a poll conducted by Survation for ITV’s “Good Morning Britain” shows Prime Minister Theresa May’s Conservative Party holds a 43%-to-37% lead over Jeremy Corbyn’s Labour Party before the June 8 election, the Independent says. That gap has narrowed by 3 points over the past the week.
  • The Russian ruble is down by 0.3% at 56.6638 per dollar, while Brent crude oil, the international benchmark, is weaker by 1.3% at $US51.95 per barrel.
  • The Japanese yen is up 0.3% at 110.95 per dollar.

See the latest EUR-USD movements here.

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