investingLive European markets wrap: Dollar steady, gold slips; markets wait on US CPI | investingLive
Headlines:
Markets:
- USD leads, NZD lags on the day
- European equities mixed; S&P 500 futures up 0.2%
- US 10-year yields down 1.6 bps to 4.267%
- Gold down 1.3% to $3,352.64
- WTI crude up 0.5% to $64.19
- Bitcoin up 0.9% to $120,382
It was a quiet session for the most part with markets reserving some caution ahead of the US CPI report tomorrow. That’s the main event for the week, so traders and investors are not having much to work with in the lead up to that.
In FX, the dollar is keeping steadier across the board even as it keeps more vulnerable after the declines last week. Major currencies lacked appetite, with the broader risk mood also keeping more tentative at best.
EUR/USD is down 0.1% to 1.1625 while GBP/USD is down 0.2% to 1.3425 on the day. Meanwhile, USD/JPY is up 0.1% to 147.88 with USD/CAD up just 0.2% to 1.3780 currently. The antipodes are a little lower but nothing too outstanding with AUD/USD down 0.2% to 0.6508 and NZD/USD down 0.5% to 0.5930 with large option expiries pulling down the latter.
In the equities space, it’s all quiet with European indices looking sluggish and US futures also keeping little changed for the most part. It’s all going to ride on the US inflation numbers tomorrow for Wall Street.
As for other markets, we saw cryptocurrencies got off to a hot start after the run higher during the weekend. Ethereum touched $4,300 levels with Bitcoin also hitting above $121,000 in early trading. That is now fizzling a little bit but both are still keeping above key psychological levels in positioning for the next move higher. The summer of crypto continues to catch fever.
Besides that, we have gold slipping to start the week as traders continue to wait on US tariffs clarification. The spread between COMEX futures and LME futures have collapsed back and that’s pinning the precious metal down to start the new week. Spot gold is down 1.3% to $3,352 currently.