ForexLive European morning FX news wrap: Fed focus sees currencies more steady

Author: Justin Low | Category: News

Forex news from the European morning session - 8 July 2019



  • NZD leads, JPY lags on the day
  • European equities lower; E-minis down 0.2%
  • US 10-year yields flat at 2.035%
  • Gold up 0.4% to $1,405.38
  • WTI down 0.2% to $57.37
  • Bitcoin up 8.2% to $11,943

EOD 08-07
Markets remain generally steady to start the week as traders and investors continue to digest the recent move on Friday following the more steady US jobs report while awaiting for Fed speakers to make their appearance later in the week.

The dollar was a little weaker to start the European morning amid lower Treasury yields and softer risk sentiment but that quickly dissipated as yields turn flat now and equities also not really posting heavy declines on the session.

USD/JPY held around 108.30 to begin with but crawled higher to near 108.60 currently. Meanwhile, EUR/USD moved up to a high of 1.1234 before settling lower around 1.1220 and was not helped by remarks on restarting QE by ECB's Coeure.

Commodity currencies held steady with the loonie gaining on anticipation ahead of the Bank of Canada meeting this week while the kiwi gained on the back of higher NZ bond yields with NZD/USD hovering around 0.6635-50 during the session.

Deutsche Bank made waves in the equities space as shares were marked roughly 4% higher in pre-market trading before that was all erased with investors less convinced about the execution of their plan rather than the idea of it.

The rest of the market was pretty much subdued as traders continue to wait on more clues on how to proceed during the week, with the focus still being on Fed currently.

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