European Summary and Highlights 13 June
A generally quiet European morning saw little net change in any of the major currencies and no data of any real note.
European morning session
A generally quiet European morning saw little net change in any of the major currencies and no data of any real note. EUR/SEK moved slightly lower, dropping around 3 figures to 11.21, perhaps helped by a small fall in the unemployment rate to 6.5%, but otherwise the G10 currencies were within 0.1% of opening levels by the end of the morning. German WPI and Swiss PPI both came in on the soft side of consensus and Eurozone industrial production was also weaker than expected at -0.1% m/m. Equities moved slightly lower and yields marginally higher.
Asia session
Another solid employment report from Australia in May. Unemployment rate dropped to 4% from 4.1% and headline employment change beats with strong gains in full time employment. Participation rate is also 0.1% higher than April. This continue to point out that while the peak has passed, the overall health of the labor market in Australia remain healthy, which maybe a problem for the RBA if they prefer early easing, though it is unlikely. AUD/USD is trading 0.16% lower at 0.6652 as risk sentiment is choppy, NZD/USD also 0.17% lower at 0.6174 while USD/CAD rose 0.13%.