Forex news from the European trading session – 13 May 2021
- CHF leads, AUD lags on the day
- European equities lower; S&P 500 futures up 0.1%
- US 10-year yields down 0.9 bps to 1.683%
- Gold flat at $1,815.47
- WTI down 2.3% to $64.57
- Bitcoin down 9% to $49,640
With a couple of bank holidays observed in Europe, it was a quiet session for the most part as FX kept little changed despite equities being pressured.
The open saw European indices slide by 2% as US futures turned gains into losses but sentiment has recovered a little since to keep more mixed now.
Treasury yields didn’t do a whole lot, ranging between 1.68% and 1.70% as the market awaits the US PPI release later to perhaps provide some spark for a move.
The dollar held steadier in general, gaining against the commodity currencies but is seen a touch softer against the yen and franc during the session.
EUR/USD traded up to 1.2100 before slipping back to 1.2070-80 levels while GBP/USD also retreated from 1.4070 to 1.4006 before finding a bounce to 1.4030-40.
Elsewhere, Bitcoin continues to come under pressure after Elon Musk continues to toy around with the cryptocurrency as it falls back below $50,000.