European currency news roundup: the dollar rises, and the Bank of England is next.
Forex market news during the European trade session on November 4, 2021
The dollar has regained favor as the market continues to find its footing following the FOMC, with the greenback gaining across the board except versus the yen.
Treasury rates rose initially yesterday but fell in the European afternoon, dragging on yen pairs in general, with USD/JPY sliding from 114.20 to 113.80.
However, the dollar is holding steady elsewhere, with EUR/USD sliding from 1.1580 to 1.1545 and GBP/USD decreasing from 1.3670 to 1.3620 on the day.
Despite a more favorable risk mentality overall, commodities currencies are priced lower. European markets are holding moderate gains, with the DAX and Stoxx 600 indexes flirting with new record highs in early trading.
However, the AUD/USD is down 0.4 % to 0.7415 and is approaching the 0.7400 mark, while the USD/CAD is trading back over 1.2400 to 1.2420, despite oil prices recovering from early lows near $80.30 to $82.40 currently ahead of the OPEC+ meeting.
Finally, the union is set to oppose US calls to increase output even more, sticking to commitments to increase output by 400k bpd.
We also have the BOE decision coming soon, so keep an eye on that for the pound.
Markets News :
- JPY leads, EUR lags on the day
- European equities higher; S&P 500 futures up 0.1%
- US 10-year yields flat at 1.578%
- Gold up 0.5% to $1,779.25
- WTI up 1.9% to $82.38
- Bitcoin down 1.9% to $61,530