ForexLive European morning FX news wrap: Pound firms amid quiet tone in markets

Author: Justin Low | Category: News

Forex news from the European morning session - 15 April 2019

Headlines:

Markets:

  • GBP leads, CAD lags on the day
  • European equities higher; E-minis flat
  • US 10-year yields down 0.5 bps to 2.56%
  • Gold down 0.3% to $1,286.82
  • WTI down 0.8% to $63.36
  • Bitcoin up 2.0% to $5,142

EOD 15-04
It was a quiet session overall as markets held steady to begin the new week. Asian equities soared but gave back gains late in the session, leading to a mildly positive start for European equities. However, risk sentiment is rather directionless as US equity futures are flat and Treasury yields are also barely moving on the day so far.

That is leading for a bit of a stale day for currencies with the pound being the only notable mover. Cable climbs back above the 1.3100 handle to trade near the highs currently around 1.3110-15 as the pound holds firm despite a lack of fresh developments on Brexit.

Price action is expected to be choppy this week considering UK lawmakers are away for Easter and there will be key UK economic data to follow tomorrow and on Wednesday.

Meanwhile, other major currencies are generally subdued and trapped in narrow ranges. EUR/USD held slightly higher as it traded between 1.1300-20 levels with the dollar slightly on the back foot. USD/JPY is also largely trapped between 111.90-00 levels in the European morning with little risk direction to work with.

Oil was a notable mover as it falls by nearly 1% now after a weekend report stating that Russia may seek to try and boost market share, threatening a collapse of the OPEC+ deal. That is causing a the loonie to be slightly weaker ahead of North American trading.

With little on the economic calendar to move things along, expect focus to be on risk and equities as continue to navigate through earnings season in the US.

WCRS 15-04

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