ForexLive European FX news wrap: Equities stay hot, aussie falls as RBA holds - ForexLive

Headlines:

Markets:

• GBP leads, AUD lags on the day
• European equities higher; S&P 500 futures up 0.3%
• US 10-year yields up 3.2 bps to 3.463%
• Gold down 0.1% to $1,981.23
• WTI crude up 0.9% to $81.12
• Bitcoin up 2.5% to $28,300

Stocks are continuing their fine form so far in April trading, with European indices ripping higher again with the DAX touching fresh highs for the year. The CAC 40 is also inches away from posting fresh record highs as the gains continue to flow during the session, with US futures also nudging higher after a tentative handover from Asia.

There was also central bank action, where we saw the RBA join the BOC to head to the sidelines as they left the cash rate unchanged at 3.60% today. There was a subtle change to policy guidance, hinting at a potential peak in rates, and that led to the aussie dribbling lower in European trading.

AUD/USD was hovering around 0.6780 heading into the decision before slipping to 0.6740 levels now despite the better risk mood.

Meanwhile, with the risk mood looking more positive, the yen is also lagging amid higher bond yields today. 2-year Treasury yields are back up over 4 bps to above 4.00% and that is underpinning USD/JPY to around 133.00 currently.

The dollar is struggling for the most part with EUR/USD threatening short-term resistance at 1.0920-30 once again before keeping closer to 1.0900 now. The standout is the pound as it does that thing where it is acting like a risky currency, with GBP/USD rising to fresh highs since June last year in a push to 1.2500 before backing off slightly.

In the commodities space, oil continues to jump higher after the gap higher yesterday with WTI crude now above $81 but still facing a few key technical challenges at around $82.30-60 for now.

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2023-04-04 12:03:00Z
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