Europe FX Handover – 9 April 2019

See a summary of the top FX themes and trends ahead of today's US session!

  • The pound spiked 60 pips on a headline that German Chancellor Angela Merkel was willing to put a five-year limit on the Irish backstop before reversing as the news was denied. Sterling is currently trading near the middle of the major currency pack.
  • The trade war may be picking up on another front as President Trump tweets that the US will impose tariffs on $11B of European products over subsidies to Airbus; the European Union has vowed respond with tit-for-tat tariffs of its own.
  • US stocks are poised for a marginally lower open after several weak earnings reports this morning.
  • The Australian Dollar is the strongest major currency so far today, with the Swiss franc and US dollar bringing up the rear as USD/CHF stalls at a key resistance level.

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