Forex news from the European trading session – 24 April 2020
- CAD leads, NZD lags
- European equities slightly lower; E-minis up 0.7%
- US 10-year yields flat at 0.60%
- Gold up 0.1% to $ 1,732.20
- WTI up 2.9% to $ 16.98
- Bitcoin down 0.4% to $ 7,515
It was a session with little meaningful headlines as the market continues to try and digest the happenings during the week in European trading today.
We are still caught in the eye of the coronavirus storm and the market still isn’t too sure about how to proceed as lockdown measures are being eased, but economic releases are showing the pain from all of this – which will echo further in the coming weeks/months.
Risk was more tepid earlier in the session and that saw the dollar gain some ground while the euro fell further after European leaders disappointed once again yesterday.
EUR/USD eased to a low of 1.0727 before keeping around 1.0760 as the dollar and yen gave up some gains as US futures stabilised near flat levels.
However, as we moved towards the tail end of the session, US futures rose higher and that pushed the dollar and yen a little weaker but the overall changes in the currencies space still leaves a lot to the imagination ahead of North American trading.
EUR/USD pushed higher to 1.0806 before settling just under there right now. Meanwhile, cable moved from a low of 1.2300 to 1.2377 and is now around 1.2350 levels.
AUD/USD also trended lower initially to 0.6337 before steadying around 0.6350-60 and then racing to a session high of 0.6384 as equities fared better.
Elsewhere, the bond market was less enthused with Treasuries still keeping near flat levels.
The weekend risk is still something to consider later in the day but if anything, the mood still suggests that the market is still being fickle-minded about the current situation.
Let’s see if there will be any meaningful headlines to shift that narrative later today.