Forex news from the European morning session - 8 April 2019
Headlines:
- Merkel to meet with May tomorrow at 1100 GMT ahead of Wednesday's summit
- Russia's Dmitriev: OPEC+ could decide to raise oil output at June meeting
- BOE/TNS February inflation expectations 3.2% vs 3.2% prior
- Eurozone April Sentix investor confidence -0.3 vs -2.0 expected
- SNB total sight deposits w.e. 5 April CHF 576.3 bn vs CHF 576.1 bn prior
- Germany February trade balance €17.9 billion vs €16.0 billion expected
- BOJ cuts economic assessment on 3 of 9 regions in latest quarterly report
Markets:
- leads, lags on the day
- European equities mixed; E-minis down 0.1%
- US 10-year yields flat at 2.50%
- Gold up 0.5% to $1,297.76
- WTI up 0.4% to $63.37
- Bitcoin up 3.6% to $5,180
Markets are generally quiet, mixed to start the new week as traders are in search for fresh direction following the US jobs report on Friday. US-China trade talks and Brexit headlines were more or less non-existent, leaving for little action across currencies so far today.
Risk began the day well in Asia but equities gave back gains towards the start of the European morning and that helped to keep the yen underpinned throughout the session. USD/JPY ranged between 111.40-50 levels as stocks and bonds failed to offer much direction for currencies to react upon.
Other major currencies traded in a more subdued range against the dollar with cable notably easing from 1.3060 levels to near 1.3050 as we approach London midday. But the euro is the quiet gainer in all of this as the single currency inched higher - despite German exports data disappointing - with EUR/USD rising from 1.1220 levels to near 1.1250 currently.
For the euro, this looks more of a technical extension as price climbs above key near-term levels but just be wary of offers and resistance around 1.1250-60 with the ECB meeting this Wednesday also in focus.
