ForexLive European FX news wrap: Dollar steady awaiting more US data this week

Headlines:

• FX muted awaiting more US data later in the day
• ECB’s Stournaras says four rate cuts for this year seem reasonable
• Japan’s largest industrial union: Average pay hike offered by firms was highest since 2013
• Japanese Bankers Association head says odds of BOJ achieving price target have heightened
• Spain February final CPI +2.8% vs +2.8% y/y prelim
• Switzerland February producer and import prices +0.1% vs -0.5% m/m prior
• China’s top diplomat set to visit Australia and New Zealand in the coming week
• IEA raises oil demand growth forecast but warns of economic headwinds

Markets:

• NZD leads on the day
• European equities higher; S&P 500 futures up 0.3%
• US 10-year yields up 0.6 bps to 4.197%
• Gold down 0.4% to $2,166.93
• WTI crude up 0.9% to $79.95
• Bitcoin down 0.4% to $72,846

It was a quiet session in Europe as traders seem content to sit on their hands ahead of the next set of US data releases this week.

Major currencies were a bore with the dollar keeping rather flattish across the board. USD/JPY was a little higher around 147.90 levels early on but is now trading back to near unchanged levels at 147.75 on the day.

Besides that, there really isn’t much to comment as the narrow ranges are leaving a lot to be desired thus far.

In the equities space, European indices are still rampaging through with French stocks leading the charge. The CAC 40 is crossing the 8,200 mark for the first time with the DAX also looking to keep above the 18,000 level today.

US futures are also slightly buoyed, with S&P 500 futures up 0.3% and Nasdaq futures up 0.4% currently.

In other markets, bonds are also still in deep slumber today while precious metals are down slightly after a surging run higher yesterday.

Let’s see what how markets will take to the US data later as that will set the tone before we get to the end of the week.

This article was written by Justin Low at www.forexlive.com.