European shares followed Asian stocks higher on Monday after the United States shelved plans to impose tariffs on Mexico and as investors anticipated lower U.S. interest rates when the Federal Reserve meets next week on the back of poor jobs data.
The 10-year U.S. Treasuries yield was at 2.1345 percent , after hitting a 21-month low of 2.053 percent on Friday on soft U.S. jobs data. “Mexico is not China and investors will want to see some clear signs of improvement in U.S.-China relations before increasing exposure to risk assets. Before then the market is left focusing on poor Chinese import figures for May.....as speculation builds over whether the PBOC [the People’s Bank of China] allows yuan to trade through 7 per dollar,” said Chris Turner head of FX strategy at ING Bank.
The euro was down almost 0.3% against the dollar at $1.1301 EUR=near a 2-1/2-month high of $1.1347 touched on Friday.
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