North American Summary and Highlights 6 Oct
Overview - The USD was mixed with USD/JPY remaining firm but EUR/USD recovered from losses seen after the resignation of French PM Lecornu even with the EUR remaining lower on the European crosses.
North American session
The USD slipped in the North American morning before stabilizing in the afternoon. A dip in USD/JPY below 150 was not sustained with a return to 150.25 following, though EUR/USD reversed its losses seen in Europe rising above 1.17 after bottoming near 1.1650. EUR/GBP and EUR/CHF however largely sustained European losses, the former unable to move back above .87, while GBP/USD rallied to 1.3490 from 1.3420. AUD/USD moved back above .66 and USD/CAD saw modest losses to 1.3950.
There was little news with no sign of any progress towards ending the government shutdown.
European morning session
The USD gained ground across the board through the European morning. EUR/USD lost half a figure on the resignation of French PM Lecornu, while USD/JPY slightly extended overnight gains, rising another 10 pips to 150.40. The EUR also lost ground on the crosses after the French PM resignation, falling around 0.2% against European currencies and commodity currencies, but the USD made modest gains across the board.
There was little news other than the French PM resignation. The Swiss unemployment rate rose slightly to 3.0%, Eurozone retail sales rose 0.1% as expected in August, while UK construction PMI and the Sentix investor confidence index were both marginally better than expected.