North American Summary and Highlights 11 Aug
Overview - In a session with limited news the USD was broadly stronger.
North American session
In a session with no significant data and limited moves in bonds and equities the USD had a stronger tone. USD/JPY gains extended above 148, gaining momentum in he afternoon. EUR/USD saw lows below 1.16 while GBP/USD fell to 1.34 before seeing modest corrections. EUR/GBP was softer at .8645 but EUR/CHF was stronger at .9430. AUD/USD found support near .65 while USD/CAD peaked near 1.38. Trump stated gold imports would not face tariffs and extended the US-China tariff truce for 90 days.
European morning session
The USD was generally stronger through the European morning, with EUR/USD down 30 pips to 1.1640 and USD/JPY up 20 pips to 147.70. GBP held up better than the EUR. With EUR/GBP down 10 pips to 0.8655, and AUD/USD was also down only a modest 5 pips to 0.6520. USD/CAD rose 20 pips to 0.3770. The CHF was the weakest currency on the session, with EUR/CHF up 15 pips to 0.9425, testing the June highs. SEK was also softer, EUR/SEK gaining 2 figures to 11.17, but EUR/NOK fell back 5 figures to 11.93 after the Norwegian July CPI data came in slightly above expectations at 3.1% y/y core.
Other than the Norwegian data there wasn’t much news of note and equity and bond markets were generally steady.