North American Summary and Highlights 10 Feb
Overview - The USD was little changed overall, but came under some pressure, particularly USD/JPY, after weak US data.
North American session
After a fairly quiet European morning, the USD came under pressure on weaker than expected US data, with December retail sales unchanged and Q4’s employment cost up by 0.7%. The response was most visible in USD/JPY, which slipped to near 154 from above 155 before a modest correction to 154.30, and USD/CAD, which slipped to 1.3525 from 1.3570, before correcting to 1.3550. Hawkish comments from FOMC voters Hammack and Logan helped the USD come off its lows.
EUR/USD was choppy with no real direction, ending little changed near 1.19. Continued pressure on PM Starmer weighed on the GBP, with GBP/USD falling below 1.3650 after meeting resistance near 1.37. EUR/GBP erased a brief dip below .87 while EUR/CHF returned to .9130 after slipping to .91. AUD/USD was little changed near .7075 as were the USD overall, and equities, despite lower UST yields.