Europe Summary and Highlights 10 September
A very quiet European morning session saw very little FX movement.
European morning session
A very quiet European morning session saw very little FX movement. The only notable action saw Scandis gains some ground across the board after the Swedish and Norwegian data this morning. The Swedish July GDP data fell 0.2% but June was revised up sharply to 1.4% m/m. Norwegian CPI was as expected, rising to 3.5% y/y, 3.1% core. EUR/SEK and EUR/NOK both fell around 5 figures of 0.5%.
Otherwise there was little net FX movement and little news.
Asia session
There are reports that Russian offensive drones are spotted in Poland airspace. It would be an incursion of NATO ally airspace if such was proven to be intentional and could draw major conflict for the continent. So far market responses are muted despite we see a member of U.S. congress condemning the act. It is later reported that Poland has shot down a few of those drones and deploying personnel to retrieve the remains. USD/JPY is trading 0.01% lower at 147.38.
Global market seems to be unfazed by renewed geopolitical tension as we see major equity indexes all in the green. Perhaps the news that a U.S. court ruling Governor Lisa Cook to stay gave the market certain confidence for now. Regional equities are outperforming U.S. major equity indexes on Wednesday's Asia session. AUD/USD is trading 0.36% higher at 0.6609, NZD/USD is trading 0.33% higher at 0.5946 while USD/CAD is unchanged. Else, EUR/USD is up 0.04% and GBP/USD is up 0.08%.