Published: 2025-06-12T19:20:45.000Z
North American Summary and Highlights 12 Jun
Senior Economist , North America
4
Overview - The USD was softer, particularly versus the EUR, with most of the move coming before weak US PPI and initial claims data.
North American session
A weak 0.1% rise in US PPI, both headline and core, and higher than expected initial claims of 248k saw the USD bounce above 1.16 and USD/JPY fall to a low of 143.19 but the move was not sustained and EUR/USD slipped back to 1.1580 while USD/JPY returned to 143.50. GBP/USD saw highs above 1.36 as EUR/GBP corrected from European highs to .8515. With equities edging higher, USD/CAD slipped to test 1.36 while AUD/USD was firmer near .6525.
European morning session
Fears over tariffs and the Middle East saw the USD under pressure in Europe, with EUR/USD rallying to test 1.16 from near 1.15, while USD/JPY fell to around 143.50 from 144. A weaker than expected 0.3% decline in UK GDP saw EUR/GBP rising to .8530 from .8480. GBP/USD slipped to a low of 1.3523 from 1.3590 but fully reversed its dip as EUR/USD rallied.