North American Summary and Highlights 4 July
Nothing of any real note to report in the European afternoon with the US on holiday. FX rates were essentially stable, although the CAD managed marginal gains.
North American session
Nothing of any real note to report in the European afternoon with the US on holiday. FX rates were essentially stable, although the CAD managed marginal gains.
European morning session
The USD edged lower in a quiet European morning session, falling around 0.1% across the board. The only news of note was the German manufacturing orders data, which showed a fifth consecutive decline of 1.6%, well below market expectations, taking the level of orders to its lowest since June 2020 and the pandemic. Excluding the pandemic, orders are at their lowest level since 2012, so there is no real sign of any recovery in the German manufacturing sector. Nevertheless, this had no real FX impact, with EUR/USD edging above 1.08 and German short end yields actually higher on the day.
Otherwise, there was a little softness in the scandis, with EUR/SEK rising 3 figures to 11.35, while Swiss CPI came in slightly weaker than expected at flat on the month in June. This initially triggered a blip higher in EUR/CHF, but it settled back to opening levels near 0.9725.