Europe Summary and Highlights 10 December
There was little net change in most FX rates in the European morning.
European morning session
There was little net change in most FX rates in the European morning. Although the morning started with EUR/JPY pressing higher to test the all time highs reached yesterday, it came up just short and retraced the moved by the end of the session. There were some small gains for the SEK, with EUR/SEK down 2 figures to 10.87. These came after a very mixed set of Swedish data, which saw industrial production fall a sharp 6.6% m/m in October, but following a 5.0% September gain. Household consumption also fell 0.9% in October, and GDP fell 0.3%, but these came against the background of previous strength. Meanwhile, new manufacturing orders rose a strong 12.1%. EUR/NOK initially rose slightly as core CPI data came in slightly weaker than expected at 3.0% y/y, but gains were short-lived.
Asia session
The USD/JPY has reversed early momentum after Japan PM Takaichi voiced her concern on currency moves. While it is the usual copy and paste lines, it has carried more weight coming from the mouth of new PM. Despite JGB yields are performing individually across the curve, they remain inch distance from annual high. USD/JPY retreated to 156.65, down 0.1% for the session.
The broader risk sentiment is performing individually on Wednesday. Trump continues with his drama regarding the Fed chair job and will be triggering market participants' nerves in the mean time. AUD/USD is trading 0.1% lower at 0.6635, NZD/USD is trading 0.2% lower while USD/CAD rises 0.07%. Else, EUR/USD is unchanged while GBP/USD is up 0.05%.