North American Summary and Highlights 14 Jul
Overview - The USD was mostly stronger though EUR/USD was relatively resilient, rising in Europe before slipping back in North America. The NOK was stronger despite slippage in oil.
North American session
The USD was generally stronger with equities resilient to tariff concerns and UST yields seeing modest gains. Oil slipped as Trump threatened tariffs on Russia’s trade partners if there was no cease fire in Ukraine in 50 days, though the NOK largely sustained European gains. EUR/USD was sold ahead of 1.17 to 1.1670 while USD/JPY advanced to 147.75 from 147.25. EUR/GBP was firmer at .8680 from .8660. AUD/USD fell to .6550 from .6570 while USD/CAD advanced to 1.37 from a low of 1.3670.
European morning session
EUR/USD gained 20 pips in the European morning to 1.1691, reversing the losses seen in late Asia. USD/JPY was marginally softer, and the USD was mostly not much changed outside the European currencies, while the EUR gained slightly on the crosses against GBP and CHF. NOK was the best performing currency, with EUR/NOK down 4 figures to 11.82 while EUR/SEK rose 3 figures to 11.22. NOK/SEK consequently gained 60 pips to 0.95.
There was little news of any note through the session. Swedish CPI was revised slightly lower, with CPIF at 2.8% from 2.9%, and although this was still above the original consensus for June, may have helped the EUR/SEK gain. Focus remains on any trade and tariff news after the announcement at the weekend.