The major European indices erased solid gains and are closing mostly lower on the day. At the highs, the
- German DAX was up 1.42%
- France’s CAC was up 1.73%
- UK’s FTSE 100 was up 0.74%
- Spain’s Ibex was up 1.34%
- Italy’s FTSE MIB was up 1.31%
The provisional closes are now showing:
- German DAX, -0.5%
- France’s CAC, -0.1%
- UK’s FTSE 100, +0.05%
- Spain’s Ibex, -0.7%
- Italy’s FTSE MIB -0.3%
As European traders exit for the exit, the NZD remains the strongest of the major currencies but has given up some of their gains. The RBNZ the hiked rates by 25 basis points but it was a close call between 25 and 50 basis points.
The GBP is now the weakest of the majors after breaking below its 200 day moving average at 1.35765. The price is trading to new session lows as the European session comes to a close (new low at 1.35472).
The US dollar is still lower, but off its lowest levels. At the start of the North American session the US dollar was the weakest of the majors.