Europe Summary and Highlights 4 November
The USD was generally a little softer through the European morning, with USD/JPY dropping around 40 pips to 151.75 and EUR/USD gaining around 10 pips to 1.09.
European morning session
The USD was generally a little softer through the European morning, with USD/JPY dropping around 40 pips to 151.75 and EUR/USD gaining around 10 pips to 1.09. The CHF also performed well, with EUR/CHF dropping 15 pips to 0.9415. But GBP fell back, with GBP/USD down 40 pips from the open to 1.2950. AUD/USD and USD/CAD were both little changed, and the scandis were steady against the EUR.
There was no data of any note and no obvious trigger for GBP weakness, although UK yields did edge a little lower ahead of the BoE meeting later in the week.
Asian session
USD/JPY opened sharply lower at 152.16 from 152.92’s Friday close amid a Japanese holiday. The trigger comes from weekend election polls, which shows a neck to neck race in the U.S. presidential election in the last few days.
The uncertainty seems to have exacerbated move on a Monday open and we see USD/JPY currently trading 0.66% lower at 151.91.
The USD remains lower as session progress. Regional equity index are steady while U.S. major equity indexes are performing individually but have since closed the opening gap and pointing upwards.
AUD/USD capitalizes on the weak USD to trade 0.68% higher at 0.6603, NZD/USD is also 0.65% higher at 0.6001 while USD/CAD slipped 0.28% as oil jumped more than a dollar on geopolitical tension and OPEC+ latest decision to continue voluntary cut by another month. Else, EUR/USD is up 0.59% and GBP/USD is up 0.53%. None of the major pairs have closed the opening gap so far.