ForexLive European FX news wrap: Dollar inches higher
Forex news from the European trading session - 12 July 2021
- Fed's Barkin: If labour market takes longer to recover, tapering goes a little later
- ECB's de Guindos says that will discuss new forward guidance next week
- SNB total sight deposits w.e. 9 July CHF 711.7 bn vs CHF 712.1 bn prior
- Germany June wholesale price index +1.5% vs +1.7% m/m prior
- USD leads, NZD lags on the day
- European equities mixed; S&P 500 futures down 0.1%
- US 10-year yields flat at 1.346%
- Gold down 0.5% to $1,799
- WTI down 1.2% to $73.67
- Bitcoin up 0.3% to $33,604
It was a quiet session in terms of headlines but there was some decent action as the dollar recouped some losses from Friday, edging higher to start the new week.
EUR/USD eased from 1.1865 to 1.1835 while GBP/USD retreated from 1.3900 to 1.3845 as the dollar held firmer in light trading, with market participants perhaps still experiencing a bit of a post-Euros hangover after the final between Italy and England yesterday.
Risk sentiment was more tepid with European indices sitting more mixed while US futures are also painting an incoherent picture, with tech leading the charge.
Commodity currencies were kept on the defensive throughout, with USD/CAD rising from 1.2470 to 1.2510 as oil prices are also dragged lower on the session.
AUD/USD is marked down from 0.7470 to 0.7450 while NZD/USD backs away from 0.7000 to 0.6950 with further support seen @ 0.6923.
The week ahead promises to offer more in terms of helping with decisive movement in the market so for now, tread carefully and lightly.