Europe Summary and Highlights 10 July

European morning session

A quiet European morning session saw little change in the majors, with EUR/USD and USD/JPY steady. Scandis, GBP and AUD were all a little firmer. EUR/NOK fell almost 0.5% to 11.79 after Norwegian June core CPI data came in slightly stronger than expected at 3.1% y/y, although the headline number was slightly lower than expected at 3.0%. EUR/SEK also edged a little lower in sympathy. AUD/USD gained 10 pips to 0.6560 and EUR/GBP was down 10 pips to 0.8617.

Gains for AUD and GBP may have related to strength in copper prices following the 50% tariff on imported copper announced by Trump. AUD tends to benefit from strong commodity prices, and GBP may have benefited from strength in mining stocks which pushed the FTSE 100 to a new high.

Asia session

Trump officially announced a 50% tariff on Copper & Brazil and further undermines the bids for USD. USD is trading broadly weaker on Thursday's Asia session so far with U.S. Treasury yields little changed while JGB yields slide. USD/JPY is trading unchanged at 146.31 after touching a session low of 145.75.

After Trump's copper and Brazil tariff announcement, risk asset is performing individually in the U.S. and regionally. U.S. three major equity indexes are all in the red while regional equities are outperforming.  AUD/USD is trading 0.17% higher at 0.6545, NZD/USD is trading 0.1% higher at 0.6005 while USD/CAD slips 0.02%. Else, EUR/USD and GBP/USD is up 0.15%.