North American Summary and Highlights 24 June
Overview - The USD remained generally bid, but corrected off its lows, EUR/USD leading the correction.
North American session
The USD opened firm, but came off its highs. US data had little clear impact, but was on the soft side of expectations, Q1’s current account deficit increasing to $226.8bn from $221.4bn, and May new home sales falling 7.3% to 580k.
EUR/USD recovered above 1.1350 from below 1.1330, with the EUR also seeing modest gains versus GBP and CHF. USD/JPY however remained bid, reaching 161.80. AUD/USD remained weak near .6890. USD/CAD was little changed near 1.3420, but did come off its lows after BoC minutes from June 10, before the Middle East peace deal, proved fairly balanced. Equities were mixed, oil and UST yields lower.
European session
No data of impact over the morning. German IFO data overall as expected at 85.6 from 84.9, with current 87 from 86.1 (mkt 86.3) and expectations 84.1 from 83.8 (mkt 85.1).
EUR/USD has made it to 1.1350, round figure and just a few ticks through the 38.2% retracement, taking a breather there.
Mixed equity action - Kospi bounce, Nikkei sill down overnight, Nasdaq future around + ½. Micron earnings due later one watch point.
Dollar generally pressing and stretching at the highs across the board, especially NOK and antipodeans - net up around ¼ to ½ % across the majors on the day. USD/JPY still lagging/capping, sitting just off the highs.