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Analysts at ANZ explained that the euro was supported by easing trade anxieties as German Chancellor Merkel indicated a willingness to discuss potential tariff reductions.

Key Quotes:

“The first lift in German factory orders this year also provided some support. This more positive tone was reinforced by firm US economic data, which continue to suggest economic momentum remains intact heading into Q3.”

“The DAX rose 1.2%, the CAC 40 rose 0.9% and the FTSE 100 rose 0.4%.”

“At the time of writing, the S&P 500 was up 0.6% and the DJIA up 0.6%.”

Fixed income markets were a touch weaker and the US curve bear flattened, with the 2-year yield up 3.3bps to 2.56%, while the 10-year lifted 0.9bps to 2.84%.”

“Oil prices fell, with WTI down 1.6% to $72.95/bbl. Gold prices were flat.”