Forex news from the European trading session - 9 April 2020



  • GBP leads, CAD lags on the day
  • European equities mixed; E-minis down 0.4%
  • US 10-year yields down 4.7 bps to 0.725%
  • Gold up 1.1% to $1,663.60
  • WTI up 3.4% to $25.95
  • Bitcoin down 0.5% to $7,287
EOD 09-04

It was a largely quiet session as the risk mood kept more cautious after a slightly optimistic start but price action in currencies and bonds was rather lackluster throughout.

The big mover in the market was oil as it built on a move higher from $26.20 to $27.46 as Russia reaffirms its commitment to cut output and G20 is said to create a special monitoring group for compliance and other needs to stabilise the oil market.

However, that all came undone amid a report that Saudi Arabia is looking to push for an April baseline for output cuts, which could undermine the global pact.

Oil fell from $27.20 to $25.00 before recovering some ground to stick around $26.00 now.

Meanwhile, US futures were more choppy during the day as it moved higher in early trades to post over 1% gains before seeing all of that fall flat during the session.

That didn't affect other risk trades all too much as bonds kept firmer while major currencies are still in a bit of a slumber mood.

EUR/USD moved a little higher amid slight dollar weakness early in the session to 1.0890 but has since reversed gains to settle near flat levels at 1.0860.

The same can be said for the aussie, kiwi and franc against the dollar as well. The pound was steadier though as cable climbed from 1.2385 to 1.2448 before settling around 1.2400-20 levels seen currently ahead of North American trading.

Looking ahead, there is still plenty to play for in the market ahead of the Easter break with the OPEC+ meeting, Eurogroup finance ministers meeting, US initial jobless claims, Canada employment report, and Fed chair Powell's speech all still to come.