North American Summary and Highlights 1 Apr
Overview - The USD slipped on Middle East peace hopes, but corrected late ahead of an address from Trump.
European and North American sessions
The USD spent the session softer on hopes for an end to the conflict in the Middle East, but USD slippage lost momentum in the North American session and late trend saw the USD correct higher with Trump scheduled to make an address on Iran in the North American evening. EUR/USD was unable to sustain a move above 1.16. USD/JPY traded in a range centered around 158.50, with late gains to 158.85.
EUR/GBP slipped to .8705 from .8735, despite BoE’s Bailey stating that markets were getting ahead of themselves in pricing rate hikes. AUD and CAD both saw modest gains versus the USD, with late corrections, with AUD/CAD gains also correcting. US data was on the firm side of expectations, with a 62k increase in March’s ADP employment report, a 0.6% rise in February retail sales, and a March ISM manufacturing index of 52.7 from 52.4.