North American Summary and Highlights 24 Apr
Overview - The USD was slightly softer, on limited Middle East optimism and the dropping of an investigation into Fed’s Powell making a prompt confirmation of Warsh as his successor more likely.
European and North American sessions
There were cautious hopes for weekend talks between the US and Iran, while a US Justice Department decision to drop the investigation into Fed Chair Jerome Powell appears to clear the way for confirmation of the now dovish Kevin Warsh as his successor. April’s Michigan CSI was revised up to 49.8 from 47.6 but the monthly level is still a record low. The USD saw modest losses, USD/JPY to 159.45 from 159.75 while EUR/USD advanced to 1.1720 from 1.1680.
March UK retail sales rose by a stronger than expected 0.7% and while the initial reaction to the data was not sustained, EUR/GBP fell to near .8660 from .8675, contrasting a rise in EUR/CHF to .92 from .9190. AUD/USD rose to .7150 from .7130 while USD/CAD fell to 1.3670 from 1.37, despite a 0.7% rise in February Canadian retail sales being slightly slower than expected.