European Forex news roundup: The dollar rises slightly, but US futures point downward
It was a rather calm session, as markets appear to be more cautious following Wall Street’s dramatic recovery late yesterday.
Since Asian trading, US futures have been trending lower, and they have remained so throughout European morning trade. As a result, the dollar is holding slightly firmer as we head into the next session.
EUR/USD plunged to new lows in five weeks, from 1.1310 to 1.1270, while GBP/USD slid to a three-week low, from 1.3490 to 1.3437, before settling back at 1.3450.
Meanwhile, the Swiss franc is the largest loser, with the USD/CHF pair jumping 0.6 % to 0.9200. The SNB may be at work here after the EUR/CHF fell to its lowest level since 2015 yesterday.
AUD/USD is down 0.2 % to 0.7125, while NZD/USD is still dropping after breaking to the downside yesterday, down 0.5 % to 0.6665.
UK January CBI trends total orders 24 vs 22 expected :
According to the report’s specifics, UK manufacturers anticipate to hike prices by the highest in three months since 1977, as global supply chain difficulties and labor shortages continue to rattle cost/price pressures. Furthermore, the balance of export price expectations was the largest since 1973.
Meanwhile, confidence about the current business condition and prospects for the coming year has dropped to its lowest level since January 2021, when the economy was shut down. The downturn in the outlook is partly due to firms contending with high inflationary pressures.
Markets News :
- USD leads, CHF lags on the day
- European equities higher; S&P 500 futures down 1.4%
- US 10-year yields up 3.8 bps to 1.773%
- Gold down 0.2% to $1,840.70
- WTI flat at $83.28
- Bitcoin down 0.6% to $36,485