ForexLive European FX news wrap: Dollar sluggish alongside stocks today, oil pinned down | Forexlive
Headlines:
Markets:
- JPY leads, NZD lags on the day
- European equities a little lower; S&P 500 futures down 0.4%
- US 10-year yields down 1.1 bps to 4.516%
- Gold down 0.1% to $3,174.94
- WTI crude down 3.5% to $60.88
- Bitcoin down 1.2% to $102,295
There wasn’t too much on the session today, with markets continuing to absorb the breather from the recent trade reprieve.
In terms of data, we saw the UK economy perform modestly in Q1 with the Eurozone economy also reaffirming decent growth on the quarter. That being said, all of this is outdated data as we haven’t seen the impact of tariffs yet.
Besides that, we got some tidbits on trade but nothing that really stands out. The EU and US only look to set up a meeting in three weeks’ time while Trump touted a proposal by India on zero tariffs.
The dollar remained more sluggish throughout though, continuing with the mood from yesterday. EUR/USD pushed up to a high of 1.1228 before keeping around 1.1187 currently – still up 0.1% on the day. Meanwhile, USD/JPY is continuing to track lower as it tests waters below the 146.00 mark. The low earlier touched 145.48 before keeping near the figure level again now.
The dollar is holding more modest against the commodity currencies though. USD/CAD is flattish around 1.3985 while AUD/USD is down 0.3% to 0.6405 on the day. For the aussie, it’s a bit of a setback after the better jobs report here.
In other markets, equities are keeping more sluggish today as the upside momentum begins to run into a bit exhaustion. European indices are mostly down again, though losses are relatively light. Meanwhile, S&P 500 futures are down 0.4% and that comes even with Walmart earnings turning out for the better but there is a word of warning about prices there.
Besides that, the bond market continues to offer something of interest with yields staying on the higher side. We’re not quite breaching 5% yet on 30-year yields but it is still keeping thereabouts on the week, now seen at 4.95%.
Up next, we’ll have a slew of US data to work through with PPI, retail sales, and the weekly jobless claims on the agenda.
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