Earlier today, UPS, the US-based delivery service announced it had clinched a deal to buy Dutch competitor TNT for just over EUR 5 bln in cash.
These deals tend to take months to close, but often we see some demand around the time the deal is clinched with more closer to closing.
EUR 5 bln isn’t a huge amount unless transacted all at once, so expect only modest support for the euro from this deal.
Central bank activity has helped keep EUR/USD trapped in dull ranges all morning. The calendar is light, with only the Chicago Fed and NAHB indexes due for release. Yawn.
