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Published: 2024-08-28T19:47:04.000Z

North American Summary and Highlights 28 August

byDave Sloan

Senior Economist , North America
4

Overview - The EUR slipped in Europe while the USD was marginally firmer elsewhere as equities slipped. 

North American session

In a session with little news, the USD made some modest gains, with equity losses weighing on the riskier currencies. GBP/USD fell to 1.3185 and USD/CAD advanced to 1.3475 but AUD/USD was only marginally weaker at .6780. USD/JPY made only marginal gains, finding sellers at 145. EUR/USD stabilized at lower levels near 1.1115. EUR/GBP edged up to .8430 but EUR/CHF slid further to .9365. 

European morning session

The EUR fell back through the European morning, with the JPY and the CHF the main beneficiaries. EUR/USD was only modestly weaker, slipping around 10 pips to 1.1135, but EUR/JPY dropped half a figure to 160.55 and EUR/CHF lost 20 pips to 0.9380. EUR/GBP held steady at 0.8425 after recent losses, and AUD/USD was steady at 0.6790. 

Markets were generally quiet, with the Eurozone money data the only data of note. These were a little weaker than expected, with M3 growth rising only slightly to 2.3% y/y and lending remaining subdued both to firms and households. Earlier, French consumer confidence showed a small increase in August as expected.  

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