Wednesday , 6 November 2024
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ForexLive European FX news wrap: Markets quiet, eyes on more US data, Canada jobs

Headlines:

Markets:

  • GBP leads, JPY lags on the day
  • European equities slightly higher; S&P 500 future down 0.1%
  • US 10-year yields up 0.4 bps to 4.098%
  • Gold up 0.6% to $2,645.40
  • WTI crude down 0.7% to $75.29
  • Bitcoin up 2.4% to $61,143

It was a quieter session as markets settled down after some pushing and pulling in US trading yesterday.

There was no follow through to the back and forth moves in the dollar yesterday, with major currencies keeping rather quiet during the session.

EUR/USD traded narrowly within a 25 pips range, locked in by large option expiries at 1.0930 and 1.0950. Besides that, USD/JPY crept a little higher from 148.65 to 149.00 but isn’t indicative of much after a slight retreat yesterday.

Besides that, USD/CAD is seen up a little again as it stays on the hunt for an eighth straight day of gains. The pair is up another 0.2% to 1.3770 but we do have more US data and the Canadian jobs report coming up.

In the equities space, we’re seeing a more tepid mood today as investors look to figure things out ahead of key earnings releases in the week(s) to come. JP Morgan and Wells Fargo reported earlier but it didn’t do much to move the needle on the day.

US futures are looking flattish and lightly changed while European indices are only marginally higher after a slower open earlier.

In the commodities space, gold continues to push up with buyers keeping price above $2,645 for now. Suddenly, the drop from earlier in the week towards $2,605 is quickly a thing of the past.

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

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