ForexLive European morning FX news wrap: Yen holds firm; ECB awaited

Author: Justin Low | Category: News

Forex news from the European morning session - 6 June 2019

Headlines:

Markets:

  • JPY leads, CHF lags on the day
  • European equities higher; E-minis up 0.3%
  • US 10-year yields down 3.5 bps to 2.100%
  • Gold up 0.5% to $1,337.05
  • WTI up 0.3% to $51.85
  • Bitcoin up 1.0% to $7,813

EOD 06-06
Markets remain in a mixed mood as equities quietly gained during the session, shrugging off global trade tensions while Treasury yields continued to fall as we move towards North American trading. Currencies are little changed on the day but the yen holds firm after gaining in Asia Pacific trading as US-Mexico trade talks failed to reach a compromise.

USD/JPY touched a low of 108.07 early on but hovered around 108.10-20 levels thereafter as large expiries and indecision among traders about the market mood didn't really inspire much movement in the European morning.

It's very much a battle between bonds and stocks now as to who is wrong and who is right, as traders weigh up global trade tensions and prospects of the Fed moving towards cutting interest rates later in the year.

The dollar remains slightly on the back foot throughout the session but is little changed against the major currencies bloc in general. EUR/USD hovered between 1.1225-40 for the most part as traders wait on the ECB for more clues on how to proceed next.

Meanwhile, cable inched lower to 1.2669 before recovering some ground to trade close to the 1.2700 handle again but is generally little changed on the session. Commodity currencies are also barely changed against the dollar with AUD/USD sitting at 0.6977 but trapped in a 19 pips range for the day so far.

Once again, it's over to Wall Street to decide on how to proceed next as we should be in store for some good two-way trading action to come later on.


By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose