ForexLive European FX news wrap: Dollar slightly higher, equities buoyed
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Forex news from the European trading session – 11 June 2021
Headlines:
Markets:
- USD leads, NZD lags on the day
- European equities higher; S&P 500 futures up 0.2%
- US 10-year yields up 1 bps to 1.442%
- Gold down 0.5% to $1,889.37
- WTI up 0.2% to $70.43
- Bitcoin up 2.3% to $37,339
It was a relatively quiet session in terms of headlines but we are seeing some modest movement in the market going into North American trading.
FX was quiet for the most part but the dollar is starting to inch ahead now in the past hour, gaining slightly across the board in the major currencies space.
EUR/USD is nudged lower from 1.2170 to 1.2135 while GBP/USD is retreating slightly below its key hourly moving averages in a move from 1.4175 to 1.4140-50.
USD/JPY also moved up a little from 109.35 to 109.58 while AUD/USD eased a little from 0.7760 to 0.7737.
Overall, the moves are light and keeping within the range for the past few weeks as price action continues to consolidate for dollar pairs for the most part.
Equities are inching a little higher again as the market continues to see a sweet spot for gains in stocks at the moment. Economic data continues to be robust and major central banks are keeping more dovish, so that makes equities one of the only games in town now – more so since cryptos are struggling.
Elsewhere, Treasury yields are seeing some stability after yesterday’s slide but from a technical perspective, this slight bounce may not mean much – for now.