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Published: 2024-03-04T20:30:02.000Z

North American Summary and Highlights 4 Mar

byDave Sloan

Senior Economist , North America
-

Overview - A quiet day saw USD/JPY advance in Europe and GBP/USD advance in North America.  

North American session

A quiet North American session saw very little FX movement, with most pairs little changed. GBP made some modest gains, with EUR/GBP dropping around 10 pips to 0.8550, and there was a small rise in EUR/NOK of around 2 figures, but otherwise very little movement. GBP/USD saw highs marginally above 1.27. 

USD/JPY remained firm supported by UST yields particularly at the front end. There was no significant data though Fed’s Bostic cautioned against near term rate cuts given the economy’s strength. The commodity currencies saw marginal late losses as oil slipped.

European morning session

USD/JPY gained a little ground through the European morning, and EUR/USD was also a touch firmer, both rising around 10 pips from opening levels. EUR/JPY consequently gained around 25 pips from opening levels. GBP kept pace with the EUR, but the EUR gained some ground against the scandis,   rising a couple of figures against both.  

There was little news during the session other than Swiss CPI, which came in slightly above expectations at 1.2% y/y (consensus 1.1%), initially triggering a 20 pip drop in EUR/CHF to 0.9560. But CPI was still lower from January (1.3%) and remains well below the level expected by the SNB after the sharp January drop. So after the initial drop, EUR/CHF fully recovered to finish the session around 10 pips higher near 0.9590, with USD/CHF little changed.  

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