North American Summary and Highlights 10 February
Overview - FX markets were quiet in Europe and North America after responding to Trump’s latest tariffs in Asia.
North American session
US markets were resilient to Trump’s latest tariffs with equities advancing and UST yields initially slipping before correcting higher, though the curve steepened. FX trade was quiet though USD/JPY saw early slippage to 151.60 before returning to near 152 guided by UST yields. EUR/USD was quiet slightly above 1.03 though EUR/GBP edged up to .8330 as GBP/USD saw modest losses. AUD/USD was firm near .6280 while USD/CAD extended the correction from Asian highs to near 1.43.
European morning session
The USD generally traded slightly softer through a quiet European morning, with EUR/USD gaining around 10 pips to 1.0330 and similar gains in other riskier currencies, while USD/JPY was not much changed just above 152 after trading higher early in the session.
The only news of note was out of Scandinavia, with Norwegian January CPI coming in slightly above consensus at 2.3% headline, 2.8% core, while Swedish December production and orders data was also stronger than expected, rising 9.0% and 5.8% y/y respectively. Both NOK and SEK gained ground, with EUR/SEK and EUR/NOK dropping around 3 figures to 11.27 and 11.58 respectively.