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Saturday, June 19, 2021

Dollar holds slight gains, equities sluggish

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Forex news from the European trading session – 30 April 2021

Headlines:

Markets:

  • USD and CAD lead, EUR lags on the day
  • European equities mostly lower; S&P 500 futures down 0.5%
  • US 10-year yields up 1 bps to 1.645%
  • Gold down 0.1% to $1,769.63
  • WTI down 2.0% to $63.71
  • Bitcoin up 2.4% to $54,269

There was a slew of inflation and GDP data in the euro area but none of which really made a splash in the market.

The releases mainly reaffirmed higher price pressures due to base effect adjustments – Eurozone core CPI remains subdued – while Q1 GDP figures across Europe reflected resilience but tepid economic activity in general.

The dollar though, did see some bids as EUR/USD slumped from 1.2110 to 1.2080 as sellers break back below the key trendline resistance @ 1.2108 and even now taking a run below the 100-hour moving average to seize some near-term control.

USD/JPY kept largely steady at 108.80-90 levels while GBP/USD also fell from 1.3940 to 1.3901 but buyers are hanging on at the figure level despite sellers breaking back below the key hourly moving averages @ 1.3912-14 during the session.

Meanwhile, commodity currencies remain little changed in general though the loonie is able to hold its own with USD/CAD seen at 1.2270-80 levels despite lower oil prices.

Elsewhere, the bond market remained calmer but equities are being dealt with a bit of a blow after yesterday’s bounce back as US futures are marked modestly lower.

US PCE deflator data and month-end flows at the fix are the two key things to watch next ahead of the weekend.



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