Europe Summary and Highlights 2 December
The USD made general gains through the European morning, most notably against the JPY, with USD/JPY rising 30 pips to 156.05.
European morning session
The USD made general gains through the European morning, most notably against the JPY, with USD/JPY rising 30 pips to 156.05. EUR/USD was only marginally softer at 1.1605, with the EUR making small gains of around 0.1% on all the crosses.
News was very limited, with Eurozone preliminary November CPI the only data. This showed a slightly stronger than expected headline rise of 2.2% but the core was as expected at 2.4%. The EUR did gain slightly on the European crosses after the data. The Eurozone unemployment rate for October was slightly higher than expected at 6.4%, though unchanged from September.
Asia session
It is a rather quiet Tuesday as we do not have much economic release. USD is trading individually against majors but not by much. U.S. Treasury yields are performing individually with JGB yields fell across the curve . JGB yields are hovering at recent high with 2yr got a foot hold above 1%. USD/JPY is trading 0.14% higher at 155.61.
The Australian current account deficit reach its largest since 2016 at -16.6b. While it is a poor reading, market participants are unfazed as their focus remain on Wednesday's GDP. Major equity indexes are performing individually with a red tilt. AUD/USD is trading 0.13% higher at 0.6551, NZD/USD is trading 0.02% lower while USD/CAD is unchanged. Else, EUR/USD is also unchanged and GBP/USD is up 0.02%.