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European Forex news roundup: The dollar remains pretty stable, but oil continues to fall.

  • 09 August, 2021
  • 5:11 pm EEST

European Forex news roundup: The dollar remains pretty stable, but oil continues to fall.

Forex market news for the European trade session on August 9, 2021

For the most part, the dollar remained steady in European morning trade, while major currencies did not move much, chopping around in a limited range for the period.

Equities are reflecting a more cautious mindset, with European indices showing little composure to begin the week. Dow futures are down 0.3 % , S&P 500 futures are down 0.1 % , and Nasdaq futures are up 0.1 % in the United States.

The bond market is also indicating some concern, as the 10-year yield recovery has stalled at 1.30 % . An overview of the situation is available here.

USD/JPY fell marginally from 110.25 to 110.05, but not significantly, with other dollar pairs also showing little willingness to move thus far.

Even as oil prices fall, the Canadian dollar is holding up surprisingly well, with USD/CAD trading at 1.2530, down from 1.2550 earlier.

So far today, the commodities area has seen all of the action, with oil falling by more than 4% at the lows to close a test of the July low of $65.11. Price is currently sitting at $65.78, remaining below a few of significant technical levels as noted above.

In other news, gold and silver fell sharply in Asia Pacific trading, with the former plunging from $1,750 to $1,677 before recovering to $1,730-40 levels in European morning trade after striking March lows earlier in the day.

Despite some breathing room following the dramatic drop, gold remains susceptible, as major technical levels appear to be giving way – at least for the time being.

 

Markets News :

  • JPY leads, CHF lags on the day
  • European equities little changed; S&P 500 futures down 0.1%
  • US 10-year yields down 0.8 bps to 1.28%
  • Gold down 1.0% to $1,744.80
  • WTI down 3.8% to $65.71
  • Bitcoin up 7.2% to $45,800

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