Published: 2024-06-03T10:57:14.000Z
European Summary and Highlights 03 June
Senior FX Strategist
2
EUR/JPY was the biggest mover in the European morning session, dropping around 60 pips to 170.20 after making new post-intervention highs at 170.89 overnight.
European morning session
EUR/JPY was the biggest mover in the European morning session, dropping around 60 pips to 170.20 after making new post-intervention highs at 170.89 overnight. The EUR/JPY decline was due to both a decline in EUR/USD and a decline in USD/JPY. EUR/USD fell 20 pips to 1.0835 while USD/JPY fell 30 pips to 157.10.
EUR/SEK also fell back, dropping 4 figures to 11.38 after much stronger than expected Swedish manufacturing PMI, but recovered to 11.40 by the end of the session. Final manufacturing PMIs in the rest of Europe showed offsetting revisions, and Eurozone manufacturing PMI was revised down marginally to 47.3, and UK manufacturing PMI also saw a marginal downward revision to 51.2.