Forex News from the European Morning Session on Aug 2, 2024

Slow Trading

USD and the pound hold their ground

It was a quiet session as markets are bracing themselves for the US jobs report. The US 10-year yields were down 13 bps to 3.902%, while WTI crude was up 0.24% to 79.84.

The pound rose to nearly a 2-week high of 1.3952 against the yen from an earlier 1.3887 and was supported by expectations that the Bank of England will raise interest rates again next week.

The UK labor market report will be the salient event across the Channel on August 13.

The Economic Sentiment tracked by the ZEW institute in both Germany and the euro area take center stage on August 11.