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European FX news roundup: The dollar maintains its lead, while equities seek to recover

  • 13 September, 2021
  • 4:01 pm EEST

European FX news roundup: The dollar maintains its lead, while equities seek to recover

Forex market news from the European trade session on September 13, 2021

The market is off to a calmer and brighter start to the new week, with stocks recovering modestly from last week’s losses, with US futures rising around 0.5 percent.

European indices are also up 0.6 %  to 1.1 %  on the day, but the mood in FX is more mixed, with the dollar maintaining a tiny advantage on the balance of things, advancing notably against the euro, yen, and franc.

EUR/USD fell from 1.1800 to 1.1775, while USD/JPY rose from 109.95 to 110.15, despite the fact that Treasury rates are looking more sluggish so far today.

The USD/CHF is the key mover, rising from 0.9190 to 0.9240 and challenging the August highs of 0.9239-42 as we enter North American trading.

Commodity currencies are little changed, with the loonie edging out a little rise during the day (aided by a better mood in oil prices), with USD/CAD falling to 1.2660 before bouncing back to 1.2680-90 as the dollar recovers.

Oil is the second big mover on the day, with WTI looking for a technical break over resistance levels around the $70 mark, though gains have been curtailed in the last hour due to a stronger dollar.

There will still be some market push and pull until we get to tomorrow’s US CPI data, which will provide some undertone for the week.

However, from a technical standpoint, the greenback is holding up well after defending several important levels on Friday, with sellers continuing to push the EUR/USD lower.

 

Markets News :

  • USD leads, CHF lags on the day
  • European equities higher; S&P 500 futures up 0.5%
  • US 10-year yields down 1.5 bps to 1.326%
  • Gold flat at $1,787.78
  • WTI up 1.3% to $70.64
  • Bitcoin down 1.1% to $44,560

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