European Forex news wrap: A steady look ahead of this week’s final stretch
Forex market news from the European trade session on November 12, 2021
The session saw few major stories, although there were some solid market moves, most notably Treasuries being sold upon their return from the holiday.
Higher yields originally propelled USD/JPY up to 114.20-30, but the market is presently stabilizing around 114.00 as the dollar remains unsettled, with huge expiries at the figure level today.
EUR/USD remains heavy as it hovers around 1.1440-50, while GBP/USD has had a volatile day, falling to lows of 1.3355 before recovering to close to 1.3400.
Meanwhile, USD/CAD buyers are maintaining the upward momentum in hitting 1.2600, with the loonie not helped by a drop in oil prices, which are on track for a third consecutive weekly decrease as the $80 mark comes into sight ahead of the closure today.
As a result, from a technical standpoint, the dollar remains in a favorable position.
Elsewhere, the aussie and kiwi are little changed in general, with risk sentiment leaning somewhat more to the positive as European indexes remain mostly higher, while US futures are also pointing to minor gains following a mixed performance yesterday.
The market appears to be going through the motions of carrying over the post-CPI narrative until we get a fresh start next week, possibly.
Marktes News :
- GBP leads, CHF lags on the day
- European equities mostly higher; S&P 500 futures up 0.2%
- US 10-year yields up 1.4 bps to 1.572%
- Gold down 0.5% to $1,852.42
- WTI down 2.1% to $79.88
- Bitcoin down 2.1% to $63,675