[MARKET ANALYSIS] Mostly uneventful trade across G10s but EUR subdued post-PMI & German State CPI
SourceNewswires
Importance
Level 1
- DXY resides in a narrow 98.161-98.425 range after recovering from worst levels on the back of some EUR softness (more below), although price action across FX thus far has been muted vs other markets (Equities, Fixed Income, Commodities). The US docket for today only consists of S&P Services and Composite Final PMIs alongside commentary from Fed's Barkin and Miran. Perhaps more importantly, US President Trump is due to give remarks later today.
- EUR is on a softer footing, with early weakness commencing shortly after the revisions lower to the French PMIs, whilst downward revisions in German Composite and EZ PMIs further weighed on the single currency as some of the state CPI components came in cooler than implied for the mainland at 13:00GMT. EUR/USD resides towards the bottom end of a 1.1708-1.1743.
- GBP/USD trades flat towards the bottom of a 1.3528-1.3568 range with little immediate move seen on the slight revision higher in UK Services and Composite PMIs, with EUR/GBP flat intraday in a narrow 0.8644-0.8660. USD/JPY is also flat in a 156.17-156.80 range and largely trading at the whim of the USD. Antipodeans also see little price action but AUD continues to be supported by the recent rally in copper and gold.
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