North American Summary and Highlights 25 June
Overview - The USD advanced in Europe but slipped back after Q1 US consumer spending was revised lower.
North American session
The USD opened firm, but slipped after the US data. The data was at first glance mostly firm, with above consensus gains of 0.7% for May personal income and spending, an on consensus rise in core PCE prices, a fall in initial claims to 215k from 227k, a firm 1.3% rise in May durable goods orders ex transport despite a 4.5% fall overall on a reversal in aircraft, and an upward revision in Q1 GDP to 2.1% from 1.6%. However the GDP revision was largely due to a downward revision in imports, and a sharp downward revision to consumer spending to 0.5% from 1.4%, fully on services, caught market attention.
EUR/USD picked up from near 1.1340 to 1.1380, but a dip in USD/JPY to 161.60 from 161.80 was largely reversed. EUR/GBP was stable but EUR/CHF marginally weaker. USD/CAD slipped to 1.42 from 1.4250 while AUD/USD rose to .6920 from .69.
European session
Stretched action in recent sessions seeing a spell of consolidation, with EUR/USD finding some basing at present back above the recouped 1.1350~ mark that saw a fast loss and regain yesterday. USD/JPY still parked around the highs at 161.80~.
Oil continues to slip, fully closing the pre-Iran gap, Brent front month off just over $1. USD/NOK manages a higher high by just a few ticks.
Just some background colour of note there, Reuters has Iraq sources saying compelled to consider all options on OPEC if doesn’t get a significant quota increase.
Equities firmer and Nasdaq future +2%, following positive earnings and guidance from Micron as well as Qualcomm, both flagging strong customer order books.