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Published: 2024-07-02T10:12:22.000Z

European Summary and Highlights 02July

byAdrian Schmidt

Senior FX Strategist
3

The EUR fell back through the European morning, reversing all the gains seen after the French election on Monday.

European morning session

The EUR fell back through the European morning, reversing all the gains seen after the French election on Monday. EUR/USD dropped 25 pips to 1.0710, while the USD was little changed against other European currencies, although USD/SEK was marginally higher. The AUD and CAD both gained a little ground against the USD. AUD/USD rising 10 pips to 0.6650, and USD/CAD dropping 20 pips to 1.3730. USD/JPY was little changed at 161.65.

There was little news of note with the final Eurozone CPI data coming in at 2.5% y/y as expected, although the core y/y was slightly above expectations at 2.9%.

Asia session

USD/JPY continues to stay above 161 and is quickly approaching Monday's high at 161.72. Suzuki came in with his usual jawboning and does not seem to be doing much on stalling JPY's weakness. While it sounds like an escalation in rhetoric, USD/JPY remains at the mercy of USD.  Despite U.S. Treasury Yields are outpaced by JGB yields, USD/JPY is trading 0.16% higher at 161.67.

Regional sentiment is mostly positive with Nikkei leading while U.S. three major equity indexes are not upbeat. And with USD trading broadly higher, the stronger Australian inflation expectation did not help to bring the Aussie higher as little expects the RBA to tighten. AUD/USD is trading 0.24% lower at 0.6642, NZD/USD slipped more by 0.35% to 0.6054 and USD/CAD rose 0.12% to 1.3752. Else, EUR/USD is down 0.08% and GBP/USD is down 0.13%.

 

 

 

 

 

 

 

 

 

 

 

 

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Topics
FX Highlights
Foreign Exchange
European Midday

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