North American Summary and Highlights 28 April
Overview - GBP strength was the most notable move in Europe, but North America saw broad based USD slippage.
North American session
The USD was generally weak on a day when UST yields slipped and equities struggled. The move was assisted by a very weak Dallas Fed manufacturing index of -35.8 in April versus -16.3 in March. USD/JPY led the way falling to near 142 from 143.50. EUR/USD and GBP/USD sustained moves above 1.14 and 1.34 respectively after being initially rebuffed at the first attempt. The USD also slipped against the commodity currencies, losses regaining momentum in late trade as equities came off their lows.
European morning session
GBP strength was then main feature of the European morning. EUR/GBP dropped 35 pips to 0.8505, without an obvious trigger, but the pound may have benefited from an FT story indicating that there may be a renegotiation of the UK-EU trade deal at a summit on May 19. Otherwise, EUR/USD lost around 10 pips and USD/JPY also slipped 10 pips lower in generally quiet trade. Scandis were also slightly firmer against the EUR.