European FX news roundup: The dollar remains stable ahead of US CPI data.
Forex market news from the European trade session on August 11, 2021
The market was quiet as it awaited US CPI data for fresh hints for the week, with the dollar remaining stable and major currencies little changed overall.
Higher Treasury yields caused the USD/JPY to rise to 110.80 from 110.60, but it is currently trading between 110.60 and 110.70. 10-year rates are continuing to rise, rising by roughly 3 basis points to 1.37 percent on the day.
Equities have remained cautious, leaving market participants nothing to work with in terms of risk sentiment as we approach US trading.
EUR/USD remains at the year’s lows, testing support at 1.1704-11.
Elsewhere, commodity currencies remain cautious against the greenback, with the Australian dollar marginally weaker but still off the lows, with the AUD/USD now trading at 0.7340, down from 0.7325 earlier.
Oil was a significant mover as the White House called on OPEC+ to do more to stop the rise in oil prices, which fell by 2% in a drop from $68 to just under $67 presently.
Markets News :
- NZD leads, AUD lags on the day
- European equities slightly higher; S&P 500 futures down 0.1%
- US 10-year yields up 2.7 bps to 1.37%
- Gold up 0.6% to $1,738.26
- WTI down 2.2% to $66.80
- Bitcoin up 0.7% to $45,969