North American Summary and Highlights 3 Jun
Overview - The USD was firmer, led by USD/JPY. Soft Eurozone CPI data restrained the EUR. US job openings saw an unexpected rise though the bulk of the USD gains came ahead of the release.
North American session
The USD maintained a form tone, led by USD/JPY, which saw highs above 144. The USD was supported by a rise in April job openings of 191k, though the reaction to the data was quickly reversed other than for USD/JPY. EUR/USD remained weaker below 1.14 but with little movement. EUR/GBP moved down to near .8410 but EUR/CHF was stronger near .9375. GBP/USD and AUD/USD saw marginal gains and USD/CAD was marginally lower, though rebounding after testing 1.37.
European morning session
EUR/USD dropped 10 pips and USD/JPY 15 pips in a fairly quiet European morning. The main news was the Eurozone CPI data, which came in weaker than expected at 1.9% y/y, below the consensus expectation of 2.0%, the first time below the 2.0% target since September 2024. The data triggered a modest EUR decline, while USD/JPY had dipped earlier in the session as equities had started the session softer.
Earlier in the session Swiss CPI was in line with consensus at -0.1% y/y. EUR/CHF was little changed as was EUR/GBP. Commodity currencies were also steady, while scandis edged slightly lower against the EUR.