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Published: 2024-02-12T11:18:48.000Z

European Summary and Highlights 12 Feb

byAdrian Schmidt

Senior FX Strategist
-

The USD moved slightly firmer against the EUR, but was otherwise generally fairly steady through the European morning.

European morning session

The USD moved slightly firmer against the EUR, but was otherwise generally fairly steady through the European morning.  The best performers were the scandis, gaining around 0.5% against the EUR, with the SEK slightly outperforming the NOK, but other moves were modest, with USD/JPY and GBP/USD both marginally lower and, EUR/USD only down around 20 pips to 1.0770 after briefly trading up above 1.08 early in the session.

There was no news of any real note, and other markets were also generally quiet, with yields a touch lower and equities marginally firmer.

Asia session

It is a quiet Monday with most Chinese markets observing Lunar New Year. There is little important economic releases nor headline coming out thorough the weekend, maybe except for the Super Bowl. U.S. 3 major equity indexes are barely in the green while USD trading individually against majors. The Kiwi has stood out with losses as we heard RBNZ Gov Orr saying inflation remains too high and "that's why we've kept cash rate at 5.5%". It seems to smash hawkish speculations from ANZ last week and see NZD/USD down 0.3% to 0.6130. AUD/USD fares better to trade 0.1% lower at 0.6518 while USD/CAD rose 0.03%.

U.S. Treasury Yields are higher across the curve and is challenging the year high but seems to have limited impact towards the FX market with Asian market in holiday. USD/JPY is trading 0.01% lower at 149.22. Elsewhere, EUR/USD is up 0.07% and GBP/USD is down 0.01%.

 

 

 

 

 

 

 

 

 

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Topics
FX Highlights
Foreign Exchange
European Midday

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