North American Summary and Highlights 13 June
Overview -
Despite falling on weak data, the USD finished firmer led by EUR weakness.
North American session
The USD ended stronger despite seeing a dip on weaker than expected US data, May PPI falling by 0.2% with ex food and energy unchanged, while initial claims rose sharply to 242k from 229k.
The USD advance was led by EUR/USD which after bouncing above 1.08 on the data fell below 1.0750. The USD ended little changed versus GBP, AUD and CAD. USD/JPY ended near 157, still below pre-data levels, but well above its lows, as EUR/JPY fell a big figure to see lows below 168.50. USD/CHF was also softer, as EUR/CHF fell to .96 from .9670.
European morning session
A generally quiet European morning saw little net change in any of the major currencies and no data of any real note. EUR/SEK moved slightly lower, dropping around 3 figures to 11.21, perhaps helped by a small fall in the unemployment rate to 6.5%, but otherwise the G10 currencies were within 0.1% of opening levels by the end of the morning. German WPI and Swiss PPI both came in on the soft side of consensus and Eurozone industrial production was also weaker than expected at -0.1% m/m. Equities moved slightly lower and yields marginally higher.