North American Summary and Highlights 9 Feb
Overview - The USD saw substantial losses across the board, with comments from Hassett raising fears of weak employment data.
European and North American sessions
The USD slipped across the board, losing around 0.8% overall, the decline accelerating in North America after NEC Director Hassett said slightly lower jobs numbers should be expected. This sent UST yields lower, more than reversing gains in Europe after China urged banks to curb exposure to USTs given market risk, which also weighed on the USD.
USD/JPY slipped below 156 from near 157 while EUR/USD advanced a big figure to 1.1920. AUD/USD rose to near .71 from near .70 while USD/CAD fell a big figure to 1.3560. CHF was particularly strong as EUR/CHF fell to .9130 from .9170. EUR/GBP spiked up to .8740 after Scottish Labour leader Sarwar called for PM Starmer to step down but a return to near .87 followed as Starmer’s entire cabinet expressed support for him.