Europe Summary and Highlights 8 April
The JPY was the best performer in the European morning, with USD/JPY dropping half a figure to 147.10, while the EUR was the worst performer, with EUR/USD dropping half a figure to 1.0920.
European morning session
The JPY was the best performer in the European morning, with USD/JPY dropping half a figure to 147.10, while the EUR was the worst performer, with EUR/USD dropping half a figure to 1.0920. The EUR was also generally lower on the crosses, except against the scandis. USD/CHF and AUD/USD were not much changed, and GBP/USD moved lower but EUR/GBP also fell 15 pips.
There wasn’t much in the way of news. Equity indices edging slightly lower but yields were mixed. Late in the session the US NFIB survey showed a further modest decline in confidence in March, but price expectations fell back slightly, with the survey not capturing the current tariff concerns.
Asia session
The rebound continues on Tuesday's Asia session and see USD trading broadly lower against majors. There has not been much headline so far except Chinese government verbally supporting the economy and hope for stability. USD/JPY is trading 0.15% lower at 147.58 as JGB beats U.S. Treasury Yields performance.
The rebound in equity market seems to be driven by the anticipation of any positive headline on U.S. tariffs (mostly looking towards a one month delay). But such hopium is unlikely to last as China has responded firmly towards Trump remark that he will impose another 50% tariff. Major equity indexes has shown reversal of Monday's losses but have since retreated from session high from the lack of positive headlines surfacing. AUD/USD is still up 1.22% to 0.6057, NZD/USD is up 1.19% to 0.5607 while USD/CAD is down 0.59%. Else, EUR/USD is up 0.62% and GBP/USD is up 0.47%.