North American Summary and Highlights 8 Sep
Overview - The USD was marginally lower in a day of limited news other than French PM Bayrou losing a no-confidence vote, which was not a surprise to the markets.
North American session
The USD continued to gradually soften in a North American session with no significant US data. The main news was French PM Bayrou losing a vote of confidence but this was widely expected and had little impact. EUR/USD advanced to 1.1765 from 1.1725. EUR/GBP held up held up near .8680 but EUR/CHF remained weaker near .9330. USD/JPY slipped to 147.35 from 147.80. AUD and CAD saw little change, AUD/USD resisted by .66 while a move in USD/CAD below 1.38 was not sustained.
European morning session
The USD was generally weaker through the European morning, mainly against the JPY and AUD. USD/JPY fell from 148.10 to 147.70, while AUD/USD rose above 0.6580 from an open at 0.6565. EUR. GBP, CHF and CAD all gained just around 0.1% against the USD. USD/SEK was little changed, while USD/NOK was 2 figures lower at 10.00.
Datawise, German industrial production was slightly stronger than expected, rising 1.3% m/m, while the Sentix investor confidence index fell back to its lowest since April.