Forexlive European FX news wrap: The US Dollar adds to yesterday’s gains

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Markets:

  • USD leads, NZD lags on the day
  • European equities higher;
    S&P 500 futures down 0.07%
  • US 10-year yields down 4 bps to
    3.741%
  • Gold
    up 0.52% to $2,647
  • WTI
    crude down 0.70% to $67.71
  • Bitcoin
    up 0.69% to $63,747

We had a
relatively quiet session in terms of fresh data releases. The main highlight was the
Eurozone Flash CPI report, and the data came out in line with estimates. The
market has already fully priced in a back-to-back 25 bps cut in October and that’s
also something ECB members recently have been touting to.

In the
markets, the US Dollar added to the gains following Fed Chair Powell’s comments
yesterday with EUR/USD being the most notable mover. Another
notable mover this morning has been crude oil as it sold off to a new weekly
low before erasing almost the entire drop. There was no catalyst for the
move though.

The focus
will now switch to the US data in the American session with the US ISM Manufacturing
PMI being the main highlight. We will also get the Canadian PMI and the US Job
Openings data.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

Go to Forexlive

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