ForexLive European FX news wrap: FX steady awaiting ECB, US data; China cuts RRR again



  • AUD leads, GBP lags on the day
  • European equities slightly higher; S&P 500 futures up 0.4%
  • US 10-year yields up 1.4 bps to 4.262%
  • Gold up 0.1% to $1,907.80
  • WTI crude up 1.3% to $89.67
  • Bitcoin up 0.5% to $26,362

Major currencies didn’t do a whole lot today, as traders are waiting on the ECB decision and some major US data to come later.

There wasn’t much conviction overall, with the dollar keeping more mixed and light changes being observed for the most part – continuing from the dull action after the US CPI report yesterday.

Some China headlines kept things interesting as the PBOC cut RRR again for the second time this year and called on banks to put off dollar purchases when they can, in order to alleviate pressure on the yuan currency.

In other markets, equities were solid throughout as stocks gained ground in European morning trade. US futures pushed higher with both S&P 500 futures and Nasdaq futures now up 0.4%. That is seeing European indices gather some confidence but there is still the ECB to come later in the day.

The bond market is little changed in general as it is still all to play for in the session to come. The ECB will be the main highlight but US retail sales, producer prices, and weekly jobless claims could also end up being key drivers of trading sentiment before the weekend comes along.

This article was written by Justin Low at

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