ForexLive European FX news wrap: Aussie holds earlier gains, tech rally pauses for breath

<p>Headlines:</p><ul><li><a href="https://www.forexlive.com/news/a-double-boost-for-the-aussie-today-20230720/">A double boost for the aussie today</a></li><li><a href="https://www.forexlive.com/news/tech-shares-stay-on-the-heavy-side-so-far-on-the-day-20230720/">Tech shares stay on the heavy side so far on the day</a></li><li><a href="https://www.forexlive.com/news/china-onshore-yuan-finishes-the-domestic-session-by-erasing-yesterdays-losses-20230720/">China onshore yuan finishes the domestic session by erasing yesterday's losses</a></li><li><a href="https://www.forexlive.com/news/japan-government-cuts-economic-growth-forecast-for-the-current-fiscal-year-20230720/">Japan government cuts economic growth forecast for the current fiscal year</a></li><li><a href="https://www.forexlive.com/news/germany-june-ppi-03-vs-04-mm-expected-20230720/">Germany June PPI -0.3% vs -0.4% m/m expected</a></li><li><a href="https://www.forexlive.com/news/france-july-business-confidence-100-vs-100-prior-20230720/">France July business confidence 100 vs 100 prior</a></li><li><a href="https://www.forexlive.com/news/eurozone-may-current-account-balance-91-billion-vs-40-billion-prior-20230720/">Eurozone May current account balance €9.1 billion vs €4.0 billion prior</a></li><li><a href="https://www.forexlive.com/news/switzerland-june-trade-balance-chf-482-billion-vs-chf-548-billion-prior-20230720/">Switzerland June trade balance CHF 4.82 billion vs CHF 5.48 billion prior</a></li></ul><p>Markets:</p><ul><li>AUD leads, GBP lags on the day</li><li>European equities slightly higher; S&amp;P 500 futures down 0.2%</li><li>US 10-year yields up 4.5 bps to 3.787%</li><li>Gold up 0.2% to $1,981.65</li><li>WTI crude up 0.1% to $75.45</li><li>Bitcoin up 1.0% to $30,272</li></ul><p>It was a relatively quiet session as markets are taking things a little slower on the day. There wasn't any big data but there were some interesting stories carrying over from Asia.</p><p>The Australian dollar remains buoyed and is leading gains after a more solid labour market report, but also helped out by a stronger Chinese yuan. On the latter, the PBOC moved to ease cross-border funding but also hammered down speculators with a much stronger fix for the onshore yuan.</p><p>AUD/USD has been holding gains since, up 0.8% to 0.6830 currently. Meanwhile, the dollar itself is a little mixed but marginally lower. EUR/USD is up slightly to 1.1205 with large option expiries near 1.1200 helping to keep price action more sticky. Then, USD/JPY continues to keep below 140.00 and is down 0.1% to 139.55.</p><p>The pound is the laggard, carrying over the losses from yesterday with GBP/USD testing waters just below 1.2900 again now.</p><p>In other markets, equities were steadier mostly in Europe but tech stocks are the ones trailing today. That comes after investors react negatively to the Tesla and Netflix earnings.</p><p>And in the bond market, we are seeing the strong bids since last week hit pause as yields trend a little higher on the day – at least for now.</p>

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