North American Summary and Highlights 10 Apr
Overview - EUR/USD and GBP/USD made gains in cautious Friday trade, but otherwise USD changes were modest.
European and North American sessions
Trade was cautious ahead of the US-Iran talks scheduled in Pakistan. EUR/USD advanced to 1.1730 from 1.1680. GBP/USD was close to keeping pace with EUR/USD but USD/CHF losses were corrected. USD/JPY held firm around 159.25 with a dip below 159 on the US CPI proving very brief, seeing EUR/JPY advance to 186.85. AUD/USD gains failed to reach .71 while USD/CAD rebounded from a dip to 1.38.
Data had little impact. US CPI was as expected with a 0.9% March increase overall but the core rate ex food and energy rose by only 0.2%, below consensus. Later April’s preliminary Michigan CSI slipped to a record low of 47.6 from 53.3 with inflation expectations rising, if still below post-tariff highs. Canada’s March employment report was near expectations with a rise of 14.1k with unchanged unemployment of 6.7%. Wages were however surprisingly firm, up 5.1% yr/yr versus 4.2% in February.