North American Summary and Highlights 10 June

North American session

In a quiet North American session USD/JPY moved back above 157 but the USD made marginal losses elsewhere. AUD/USD moved above .66 while GBP/USD recovered from a dip below 1.27 to 1.2735. EUR/USD advanced from 1.2735 to 1.2765. 

There was little news. The New York Fed’s survey of inflation expectations was mixed, with the 1-year view down to 3.17% from 3.26%, the 3-year view unchanged at 2.76% but the 5-year view firmer at 3.00% from 2.82%. 

European morning session

USD/JPY and GBP/USD both slipped a little lower in the European morning, but EUR/USD was little changed. The JPY gains were helped by some weaker equity market performance, particularly in France, where Macron’s decision to call parliamentary elections helped knock the stock market lower. But EUR/USD didn’t fall any further after weakness late in Asia. USD/JPY fell around 20 pips to 156.90, while GBP/USD lost around 15 pips to 1.27. 

Scandis were also steady after mixed data. Norwegian headline CPI was weaker than expected at 3.0% y/y but core inflation was a little above consensus at 4.1% y/y. Swedish April GDP was weak at -0.7% m/m, although this data is volatile and prone to revision.