ForexLive European FX news wrap: Dollar nudges lower in mixed trading

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  • Swiss franc set for first monthly advance against the dollar this year
  • Dollar pares gains in mixed flows to start the session
  • What is a bear steepener and why it matters?
  • Spain May preliminary CPI +3.6% vs +3.7% y/y expected
  • Eurozone April unemployment rate 6.4% vs 6.5% expected
  • Eurozone May final consumer confidence -14.3 vs -14.3 prelim
  • Switzerland Q1 GDP +0.5% vs +0.3% q/q expected
  • Dollar selling one to watch for this month-end – Deutsche


  • CHF leads, USD lags on the day
  • European equities higher; S&P 500 futures down 0.4%
  • US 10-year yields down 3.2 bps to 4.591%
  • Gold down 0.1% to $2,337.01
  • WTI crude flat at $79.24
  • Bitcoin up 0.6% to $67,842

Trading in Europe today was a bit mixed, as the early gains in the dollar and opening losses in regional indices were turned around during the session.

The greenback was a little higher in Asia as the risk mood was more sour, with equity futures pointing lower. That led to a softer open in Europe but we’re now seeing stocks hold a little higher with the dollar also lagging across the board. US futures are still down though, but S&P 500 futures have at least halved losses on the day.

EUR/USD was flirting with a firmer drop under 1.0800 early on but is now a little higher at 1.0820 with large option expiries at 1.0800 and 1.0825 also in play. USD/JPY is down 0.6% to 156.70 after some back and forth trading, with the pair having fallen to a low of 156.55 then moving back up to 157.20 before coming back down.

The Swiss franc is the top performer though, with USD/CHF down 0.7% to 0.9070 with the pair poised for its first monthly drop this year.

In other markets, bond yields are down with 10-year Treasury yields seen lower by 3 bps to 4.59%. Meanwhile, commodities remain sluggish with gold down at $2,337 but at least off its earlier low of $2,322.

This article was written by Justin Low at

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