Europe Summary and Highlights 11 December
The USD was generally lower through the European morning session.
European morning session
The USD was generally lower through the European morning session. EUR/USD gained 20 pips to 1.1720 and USD/JPY fell 15 pips to 155.85. GBP lagged behind slightly with GBP/USD only up marginally, while AUD was the best performer, reversing some of the losses on the crosses seen overnight.
The CHF was the best performer, with EUR/CHF dropping 15 pips to 0.9330 after the SNB meeting, although the meeting provided few surprises, with rates left unchanged and the usual indication that the SNB is prepared to act in the FX market if necessary.
Asia session
The Australia November employment came in low at -21.3K with a lower participation rate of 66.7%. It came after a strong October and continue to point towards a choppy labor market. However, the RBA's hawkish stance on Wednesday's meeting will deem such poor data not more than a knee-jerk dip in the Aussie than see monetary policy shift's impact. AUD/USD is trading 0.61% lower at 0.6635 but was mostly dragged by the negative risk sentiment rather than poor jobs, NZD/USD is trading 0.37% lower while USD/CAD rises 0.16%.
U.S. major equity indexes are reversing post FOMC gains, triggered by concern on Oracle's A.I. spending that worsens after earnings report. On the other hand, we have Mexico approving tariffs as high as 50% tariff on Chinese and Asian imports which does not help sentiment at all. USD/JPY is trading 0.04% lower at 155.93. Else, EUR/USD is down 0.05% and GBP/USD is down 0.11%.