Published: 2025-06-11T19:54:51.000Z
North American Summary and Highlights 11 Jun
Senior Economist , North America
6
Overview - The USD was softer after a weak US CPI, though less so against riskier currencies as equities struggled.
European and North American sessions
After a quiet European morning the USD fell sharply on a softer than expected US May CPI, up only 0.1% in both the headline and core rates. The initial knee-jerk move took USD/JPY down around a big figure to a low of 144.33 and EUR/USD to near 1.1490 from 1.1435. The USD saw a subsequent attempt to recover, with the EUR relatively resilient while USD/JPY and AUD/USD got close to pre-CPI levels.
With UST yields remaining lower, particularly after a decent 10-year auction, and equities unimpressed by US-China trade progress, a weak USD tone later resumed, with EUR/USD peaking at 1.15 while USD/JPY found support just above the earlier low. AUD/USD however ended weaker, touching below .65 while USD/CAD losses were modest. While GBP/USD advanced to 1.3540 EUR/GBP was firm around .8480 with UK Chancellor Reeves’ spending review having little market impact.