European FX markets moved sideways as traders await U.S. labour data amid a quiet trading day.
Key moves
- Major currencies hit the reset button on the day after the earlier Trump‑Fed drama
- Morgan Stanley now expects the Fed to cut rates twice by year‑end
- Weak dollar selling signals this month‑end – Barclays
- French shares lead the drop at the open in Europe today
- France August consumer confidence 87 vs 89 expected
- Eurostoxx futures down 0.4% in early European trading
- U.S. yield curve continues to steepen post‑Jackson Hole
- Dollar claws back losses as Fed Governor Cook stands her ground
Summary
With no hard data or headlines to spark movement, the session stayed rangebound. The primary noise—President Trump’s attempt to remove Fed Governor Michelle Cook—was dismissed as legally untenable. Traders remain focused on the upcoming U.S. non‑farm payrolls, which will shape expectations for Fed policy and drive market direction.
(Source)
