Europe Summary and Highlights 14 July
EUR/USD gained 20 pips in the European morning to 1.1691, reversing the losses seen in late Asia.
European morning session
EUR/USD gained 20 pips in the European morning to 1.1691, reversing the losses seen in late Asia. USD/JPY was marginally softer, and the USD was mostly not much changed outside the European currencies, while the EUR gained slightly on the crosses against GBP and CHF. NOK was the best performing currency, with EUR/NOK down 4 figures to 11.82 while EUR/SEK rose 3 figures to 11.22. NOK/SEK consequently gained 60 pips to 0.95.
There was little news of any note through the session. Swedish CPI was revised slightly lower, with CPIF at 2.8% from 2.9%, and although this was still above the original consensus for June, may have helped the EUR/SEK gain. Focus remains on any trade and tariff news after the announcement at the weekend.
Asia session
The equity market opened lower on Trump's 30% tariff on EU and Mexico. While market anticipates "TACO" and Trump suggesting EU are talking with him over the weekend, the broader risk sentiment remains sour. USD/JPY opened lower at 147.13 from Friday's close at 147.40, currently still down 0.01% at 147.39. The gap was closed once and saw USD/JPY spiking higher to 147.57 despite JGB yields performing strongly.
After opening in the red, there has been little positive tariff headlines and see U.S. major equity indexes remain in the losses. Regional equities managed to recoup early losses and is trading mostly in the green. USD shook off its choppy start and points north. AUD/USD is trading 0.17% lower at 0.6564, NZD/USD is trading 0.38% lower at 0.5985 while USD/CAD is trading 0.07%. Else, both the EUR/USD and GBP/USD is down 0.16%. All major currency pairs have closed the opening gap at least once.