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Published: 2024-02-09T20:23:03.000Z

North American Summary and Highlights 9 Feb

byDave Sloan

Senior Economist , North America
-

Overview - In quiet trade the USD saw some losses after CPI revisions left the falling trend intact while CAD was unable to sustain gains on stronger than expected employment data. 

North American session

In a fairly quiet North American session the USD slipped after annual CPI revisions saw few changes, leaving the recent improvement intact. USD/JPY saw a quick dip to 149 probably encouraged by December’s data being revised down, though October and November were revised up and the dips in UST yields, and USD/JPY, largely reversed. EUR and GBP held on to modest gains versus the USD slightly better, though EUR/USD remained below 1.08.

USD/CAD initially fell around 20 pips on stronger headline Canadian employment numbers, but with the details less impressive more than reversed the decline through the session, finishing around 20 pips higher. The USD also fell back modestly the AUD after the data, with those losses being mostly sustained despite the reversal in the CAD gains. 

European morning session

A quiet European morning saw little net change in the major currencies. EUR/USD edged a little lower after initial gains, while USD/JPY returned to opening levels after early strength. AUD/USD was around 15 pips firmer after opening below 0.65, while the CHF was the weakest currency, with EUR/CHF rising around 10 pips on the session to 0.9430. 

The NOK was the strongest currency on the session, with EUR/NOK dropping around 5 figures to trade below 11.40 after a slightly stronger than expected December Norwegian CPI numbers, with the core y/y rate dropping to 5.3% against consensus of 5.2%. 

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