North American Summary and Highlights 10 April

European and North American sessions

Equities struggled while not fully erasing the Wednesday bounce, given realization that significant tariffs and uncertainty persisted. A softer than expected US March CPI, -0.1% overall with a 0.1% increase ex food and energy had little impact. Fed talk from Logan, Schmid and Goolsbee was largely hawkish. A decent 30-year auction provided some relief though the curve still saw sharp pivotal steepening. 

The USD moved steadily lower in Europe and North America before a modest late correction. USD/JPY fell from 147 to test 144 while EUR/USD saw highs above 1.12 from below 1.10. EUR/GBP rebounded to .8630 from .8640 but EUR/CHF fell to .9230 from .9360. USD/CHF plunged to .8250 from .8550, while GBP/USD tested 1.30 from 1.2850. USD/CAD traded below 1.40 for the first time since early December while AUD/USD pushed above .62.