ForexLive European FX news wrap: Major currencies subdued in quiet trading

Headlines:

• A quiet session so far in European morning trade
• Gold pares weekly advance as buyers lose some near-term momentum
• Weekly update on interest rate expectations
• ECB’s Kazaks says doesn’t see a case for rates to fall below neutral
• Germany October Ifo business climate index 86.5 vs 85.6 expected
• Eurozone September M3 money supply +3.2% vs +3.0% y/y expected
• France October consumer confidence 94 vs 94 expected

Markets:

• GBP leads, NZD lags on the day
• European equities mixed; S&P 500 futures up 0.3%
• US 10-year yields down 1.2 bps to 4.190%
• Gold down 0.4% to $2,724.44
• WTI crude up 0.6% to $70.65
• Bitcoin down 0.1% to $68,073

It was another quiet session in Europe today and befitting amid the lack of significant headlines all week during the session.

With little catalysts to work with and the bond market taking a breather, broader markets were left to fend for themselves again. And it didn’t amount to much really.

The dollar kept steadier across the board, keeping in narrower ranges for the most part. USD/JPY dipped to a low of 151.45 in the handover from Asia before climbing back up to 152.00 and then now back to flat levels at 151.85.

Besides that, the action among major currencies was rather lackluster with light changes observed.

In the equities space, US futures are slightly higher but the mood in Europe was rather dour. European indices are keeping mixed and little changed, not offering much during the session.

Commodities were more interesting with gold paring its weekly advance but it has been a back and forth period for the precious metal during the week in general.

All in all, we’ll have to look to next week for more clues as markets were not too interested to offer much this week. That considering the lack of key economic data releases. Have a great weekend, everyone.

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