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Published: 2025-01-03T10:55:19.000Z

Europe Summary and Highlights 3 January

byAdrian Schmidt

Senior FX Strategist
5

USD/JPY gained around 20 pips to 157.35 in the European morning, but the USD was little changed against the EUR, GBP and AUD, while making small gains against the CAD and scandis.

European morning session

USD/JPY gained around 20 pips to 157.35 in the European morning, but the USD was little changed against the EUR, GBP and AUD, while making small gains against the CAD and scandis.

The morning saw German labour market data and UK money and credit data. German unemployment rose a slightly less than expected 10k in December, while the unemployment rate was unchanged at 6.1% against a market expectation of a rise to 6.2%. EUR/USD made small gains on the release but fell back to near opening levels.

UK money and credit data was on the weak side of consensus, with M4 flat on the month and mortgage approvals, mortgage lending and consumer credit all below expectations, but there was little impact on GBP.

Asia session

The PBOC said that interest rate cuts are likely in 2025 "at an appropriate time" and seems to be boosting the antipodeans. While such remark has been circulating for weeks, the exact magnitude are yet to be announced, thus the Chinese equity market are seeing little reaction while HK equities somewhat supported, U.S. equities are little changed. The AUD/USD is up 0.15% to 0.6213, NZD/USD is up 0.13% to 0.5602 while USD/CAD slipped 0.08% as oil gain thirty cents. 

USD/JPY looks to be temporarily capped by the 158 figure. There has been little headlines with the closet being Washington Post reporting that Biden will block sale of US Steel to Nippon Steel. We are not hearing anything from the BoJ nor Japanese officials on current FX level. USD/JPY is trading 0.12% lower at 157.33. Else, EUR/USD is up 0.06% and GBP/USD up 0.09%.

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