Europe Summary and Highlights 11 March
European currencies were generally firmer through the European morning.
European morning session
European currencies were generally firmer through the European morning. EUR/USD gained half a figure to 1.09, and most of the European currencies made similar gains against the USD. However, the NOK outperformed, with EUR/NOK building on yesterday’s losses, dropping 5 figures to 11.63. EUR/CHF went the other way, gaining half a figure to 0.96 in a generally more risk positive market.
The USD made modest gains against the JPY, rising around 30 pips to 147.60, and USD/CHF was also up 20 pips to 0.8820, but AUD and CAD made some modest gains.
EUR gains were helped by comments from Germany's Greens Party co-leader Franziska Brantner who said in an interview with Bloomberg News that her party was ready to negotiate to reach a deal for increased state borrowing to boost defence spending and revive growth. On Monday, the EUR was held back by the Greens' refusal to back the reforms to debt rules and the 500 billion euro infrastructure fund.
Asia session
After the meeting with U.S. counterpart, Japan Trade Minister Muto received no assurance Japan would be exempt from US tariffs, which is not surprising at all. The January Japan Household spending continue to grow but far less than estimate, pointing to soft private consumption that is shown in the Q4 GDP. USD/JPY is trading 0.09% lower at 147.12 with a session low at 146.54 as yields stays south.
AUD/USD is down 0.07% to 0.6275, NZD/USD down 0.13% to 0.5691 while USD/CAD slips 0.07%. Else, EUR/USD is up 0.2% and GBP/USD up 0.12%.