European currency news roundup: the dollar remains stable, while oil rises.

  • 10 August, 2021
  • 8:48 pm EEST

Market news

European currency news roundup: the dollar remains stable, while oil rises.

Forex news from the European trading session – 10 August 2021

It was a quiet session with very minor moves in major currencies, with the dollar remaining stable to begin the new week.

Global trading sentiment is still centered on the post-NFP momentum that is driving Fed taper forecasts and delta variant fears. For the time being, the former appears to be edging it somewhat ahead of tomorrow’s US consumer price inflation report.

The EUR/USD is trading at four-month lows at 1.1720, while the range today remains narrow, with crucial support projected closer to 1.1704-11 for the time being.

In European morning trade, the USD/JPY edged higher as Treasury yields remained buoyant, with 10-year yields rising to 1.33 % . The pair rose from 110.35 to 110.50-55, edging closer to a challenge of the 23 July high of 110.59.

Meanwhile, the pound is up 0.1 % against the dollar, trading at around 1.3850-60, while commodity currencies are up marginally but not significantly.

Equities are tentative for the most part, but European indices are still eking out gains, with the Stocks 600 reaching new highs.

In the commodities market, gold is taking a breather following yesterday’s dip, while oil prices are rebounding from a test of the July lows yesterday to near $68 in European morning trade, up more than 2% at the highs.

Looking forward, the US Senate will vote on a bipartisan infrastructure measure today before moving on to the budget framework, so expect a lengthy session of political news as politicians try to straighten things out later in the day.


Markets News :

  • AUD leads, JPY lags on the day
  • European equities slightly higher; S&P 500 futures flat
  • US 10-year yields up 1.3 bps to 1.329%
  • Gold flat at $1,729.93
  • WTI up 2.0% to $67.81
  • Bitcoin down 0.1% to $45,429

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