ForexLive European FX news wrap: Dollar sluggish alongside stocks today, oil pinned down

Headlines:

Markets:

• JPY leads, NZD lags on the day
• European equities a bit decrease; 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 an excessive amount of on the session at this time, with markets persevering with to soak up the breather from the latest commerce reprieve.

By way of knowledge, we noticed the UK economic system carry out modestly in Q1 with the Eurozone economic system additionally reaffirming respectable development on the quarter. That being mentioned, all of that is outdated knowledge as we have not seen the impression of tariffs but.

Apart from that, we bought some tidbits on commerce however nothing that basically stands out. The EU and US solely look to arrange a gathering in three weeks’ time whereas Trump touted a proposal by India on zero tariffs.

The greenback remained extra sluggish all through although, persevering with with the temper from yesterday. EUR/USD pushed as much as a excessive of 1.1228 earlier than preserving round 1.1187 at the moment – nonetheless up 0.1% on the day. In the meantime, USD/JPY is continuous to trace decrease because it checks waters beneath the 146.00 mark. The low earlier touched 145.48 earlier than preserving close to the determine stage once more now.

The greenback is holding extra modest towards the commodity currencies although. USD/CAD is flattish round 1.3985 whereas AUD/USD is down 0.3% to 0.6405 on the day. For the aussie, it is a bit of a setback after the higher jobs report here.

In different markets, equities are preserving extra sluggish at this time because the upside momentum begins to run right into a bit exhaustion. European indices are largely down once more, although losses are comparatively gentle. In the meantime, S&P 500 futures are down 0.4% and that comes even with Walmart earnings turning out for the higher however there’s a phrase of warning about costs there.

Apart from that, the bond market continues to supply one thing of curiosity with yields staying on the upper facet. We’re not fairly breaching 5% but on 30-year yields however it’s nonetheless preserving thereabouts on the week, now seen at 4.95%.

Up subsequent, we’ll have a slew of US knowledge to work via with PPI, retail gross sales, and the weekly jobless claims on the agenda.