North American Summary and Highlights 10 Mar
Overview - Oil and the USD weakened through most of the session, but a late correction in oil saw the USD losses largely erased.
European and North American sessions
For most of the session hopes for a swift end to the Middle East conflict persisted. However late in the session oil corrected off sub $80 lows after a report that the US navy had escorted an oil tanker through the Strait of Hormuz proved false. A 1.7% rise in February US existing home sales to 4.09m was stronger than expected but had little impact.
The USD lost ground in the European morning before stabilizing through most of North America, with a late bounce on the denial of the tanker story leaving the USD little changed overall. AUD/USD was particularly firm even with a late correction, rising to .7125 from .7060 while AUD/CAD saw highs above .97 with USD/CAD relatively stable. USD/JPY saw a late break above 158 after earlier bottoming at 157.28. EUR/USD was little changed near 1.1615 after peaking at 1.1667. EUR/GBP was fairly stable.