Forex news from the European morning session - 11 April 2019
Headlines:
- UK's Cox: Willing to listen to any suggestions from Labour, including second referendum
- Economists trim Eurozone inflation and growth forecasts - ECB survey
- France March final CPI +0.8% vs +0.8% m/m prelim
- Germany March final CPI +0.4% vs +0.4% m/m prelim
- EU's Oettinger: Another extension is among the conceivable options on Brexit
- IMF says that undermining central bank independence would be dangerous
- Germany's Roth: 'Flextension' still means all options are on the table
Markets:
- CHF leads, CAD lags behind on the day
- European equities slightly higher; E-minis up 0.1%
- US 10-year yields flat at 2.48%
- Gold down 0.3% to $1,303.50
- WTI down 0.9% to $64.04
In keeping with the tune so far this week, markets are once again generally quiet as we gear towards North American trading later. Currencies in particular remain subdued as trading ranges are as narrow as ever - EUR/USD sits in a 17 pips range - as market participants continue to lack fresh direction.
The pound was a notable mover on the session as it fell initially to 1.3061 against the dollar from 1.3080 levels but recovered thereafter as key near-term levels stemmed the decline. Meanwhile, the likes of the euro and yen are kept rangebound with EUR/USD sitting around 1.1275-85 and USD/JPY around 111.00-15 for the most part.
The aussie and kiwi are slightly on the back foot but ranges against the dollar remain narrow, 18 and 17 pips respectively. The former is weighed lower as election risk looms after the announcement earlier today confirming it will take place on 18 May.
The loonie is the laggard among the major currencies as oil prices are weighed lower. The IEA report earlier highlighted some demand concerns amid tightness in the oil market and that saw oil slip further following losses seen in Asia. As a result, USD/CAD maintained gains around 1.3340-55 throughout the session.
Looking ahead, there will be a host of Fed speakers to follow later today and let's see what US traders have to offer markets when they enter the fray later.
