ForexLive European morning FX news wrap: Pound soars, dollar slumps

Author: Justin Low | Category: News

Forex news from the European morning session - 13 September 2019

Headlines:

Markets:

  • GBP leads, NZD lags on the day
  • European equities higher; E-minis up 0.3%
  • US 10-year yields up 2.6 bps to 1.798%
  • Gold up 0.4% to $1,505.10
  • WTI up 0.2% to $55.17
  • Bitcoin down 0.3% to $10,299

EOD 13-09
The pound is stealing the spotlight in trading today as the currency surged in European morning trade, with cable rising to fresh seven-week highs.

There wasn't any fresh notable Brexit headlines but the quid found a bid amid dollar weakness to rise from 1.2350 to a high of 1.2476, highest level since 26 July, during the session.

Meanwhile, the euro inched its way higher as well amid a flurry of talk about fiscal stimulus among policymakers and lawmakers during the European morning.

EUR/USD climbed back above the 1.1100 handle despite a fall out among some ECB members about the stimulus package that was introduced in yesterday's meeting decision.

Other major currencies mostly capitalised on dollar weakness during the session amid more calm and steady sentiment seen in equities and bonds. USD/JPY hugged the 108.00 handle for the most part while the aussie quietly inched higher as well.

The kiwi is the laggard as AUD/NZD buyers took charge of proceedings by breaking key resistance to see the pair trade at its highest level since 6 November 2018.

Looking ahead, US data will come into focus next with August retail sales data due at 1230 GMT so let's see if that has anything to cause more of a stir in markets today.

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