European currency news roundup: the dollar is marginally weaker, and the ECB is on the agenda.
Forex market news for the European trade session on September 9, 2021
It was a calm session as the market traded more cautiously, with some hesitation remaining from the week thus far.
The dollar edged lower alongside Treasury yields, giving back some of the gains made earlier in the week in what appears to be a push-pull situation for the time being.
This is despite a milder tone in stocks, with European indices falling across the board, and US futures pointing to a somewhat worse open.
USD/JPY dipped from 110.20 to 109.90 as Treasury yields fell from 1.34 % to 1.32 % during the session, while GBP/USD rose from 1.3775 to 1.3825 as pound buyers attempted to reclaim near-term control following the turnaround yesterday.
The kiwi is also sustaining a minor advance against the greenback, with the NZD/USD moving up from 0.7090 to 0.7115 as the kiwi continues its comeback in light of New Zealand’s improving economic situation, teeing up a move by the RBNZ next month.
Meanwhile, the EUR/USD is up slightly from 1.1815 to 1.1830 ahead of the ECB policy meeting conclusion tonight, as traders continue to deal with a slightly softer dollar for the time being.
Essentially, the market is range bound and trapped in a push-pull as Fed taper estimates remain on track, but perhaps a more ambiguous message amid rising economic uncertainties isn’t helping and is leading to some indecision for the time being.
Markets News :
- GBP leads, CAD lags on the day
- European equities lower; S&P 500 futures down 0.2%
- US 10-year yields down 1.1 bps to 1.329%
- Gold up 0.6% to $1,798.88
- WTI up 0.6% to $69.73
- Bitcoin up 0.6% to $46,328