ForexLive European FX news wrap: Currencies little changed, Ether surges

Headlines:

• Another slow day for major currencies
• Ether runs into April high as ETF anticipation grows
• What are the main events to look out for today?
• Eurozone March trade balance €24.1 billion vs €23.6 billion prior
• Eurozone March current account balance €35.8 billion vs €29.5 billion prior
• Germany April PPI +0.2% vs +0.3% m/m expected
• UK May CBI trends total orders -33 vs -20 expected
• SNB total sight deposits w.e. 17 May CHF 467.4 bn vs CHF 468.9 bn prior
• IMF says BOE should cut bank rate by 50-75 bps this year
• Yellen: Global economy has been resilient amid challenging geopolitical landscape

Markets:

• CHF leads on the day
• European equities lower; S&P 500 futures flat
• US 10-year yields down 1.1 bps to 4.425%
• Gold down 0.2% to $2,420.63
• WTI crude down 1.7% to $78.45
• Bitcoin up 2.6% to $71,344; Ether up 8.3% to $3,791

It was mostly a quiet one once again in European morning trade, with broader markets lacking any real appetite. It’s a case of traders waiting to get their next fix, that being big events on the economic calendar.

And we’re not going to get much in the day ahead besides the Canadian CPI report. The Fed minutes tomorrow might be one to get the ball rolling this week, otherwise it might be a bit of a drag until the PMI data on Thursday.

But for now, it’s more sideways trading for FX especially. The dollar is steadier and keeping little changed overall. EUR/USD is resting within a 25 pips range, with a more or less similar mood among dollar pairs today. The changes among them are all within 0.1% currently. Talk about a snoozefest.

In the equities space, European indices are down slightly while US futures are flat. Meanwhile, the bond market is also not serving up anything to work with so far this week.

Looking to commodities, gold is down slightly but copper is still making headway as it seeks to build on the break above $5 per pound. The price is currently touching $5.14, just shy of the record high yesterday.

Instead, the action today is mostly in cryptocurrencies as Ether is surging towards $3,800 on anticipation of its spot ETFs getting approved by the SEC. Another case of buy the rumour, sell the fact?

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