ForexLive European FX news wrap: Firmer dollar; stocks up awaiting Nvidia earnings

Headlines:

• US futures look for a bounce with eyes on Nvidia earnings
• EUR/USD brushes against another test of 1.0500 again
• The technical lines in the sand have shifted in gold
• Gold Technical Analysis – The US stock market selloff weighs on gold
• Germany March GfK consumer confidence -24.7 vs -21.4 expected
• France February consumer confidence 93 vs 93 expected
• US MBA mortgage applications w.e. 21 February -1.2% vs -6.6% prior
• Russia says more talks are being lined up with the US
• ICYMI – White House clarified that tariffs on Mexico & Canada next week still not decided

Markets:

• USD leads, NZD lags on the day
• European equities higher; S&P 500 futures up 0.5%
• US 10-year yields up 0.8 bps to 4.305%
• Gold down 0.1% to $2,913.03
• WTI crude down 0.1% to $68.86
• Bitcoin down 0.4% to $88,345

There wasn’t any major headlines in European morning trade, as markets await the hustle and bustle in North America trading again.

The dollar is keeping slightly firmer across the board, making up for some lost ground after the softer US consumer confidence data yesterday. EUR/USD in particular is nudging back just under 1.0500, still struggling to clinch a breakout above the figure level.

Meanwhile, USD/JPY did dip lower in Asia trading but is keeping back at 149.51 currently as support from the January low of 148.63 is still holding for the time being.

Month-end flows are also a consideration, with the aussie and kiwi on the weaker side against the dollar today. In case you missed it: Month-end flows to favour the dollar – Deutsche

And that comes despite a rebound in risk sentiment as equities are nudging higher. European indices are holding solid gains above 1% while S&P 500 futures are up 0.5% with tech shares leading the way.

Nvidia earnings is the big one to watch in the day ahead but that will only come after the market close.

Elsewhere, gold is little changed but still keeping just above $2,900. However, the technical lines appear to have shifted so that’s something to take note of in case the selling picks up in the days ahead.

This article was written by Justin Low at www.forexlive.com.