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The Canadian dollar is off the sidelines and finally participating in the broad US dollar sell-off. USDCAD inched lower overnight on the back of rising oil prices that pushed WTI briefly above $50.00/barrel
The Asia FX session was subdued. USDJPY consolidated this week’s losses in a 111.12-111.68 range. It was down for the week but well-above Thursday’s 110.22 low.
AUDUSD and NZDUSD drifted higher, buoyed by the greenback’s politically charged sell-off. View article >
The free-falling US dollar took a breather overnight and managed to eke out some gains against the G10 currencies except for yen and sterling.
President Trump’s woes increased yesterday when the Justice Department appointed former FBI Director, Robert S. Mueller as special counsel to oversee the investigation into Trump’s campaign and Russia.
It is not quite Monica and Bill, and Trump doesn’t have to worry about a dress but the distraction of the inquiry could hamper White House iniatives from tax cuts to trade. View article >
Senate Majority Leader Mitch McConnell’s comment about “White House drama,” after the uproar about President Trump leaking classified information to the Russians, was ignored.
President Trump is under attack (again) for reportedly asking the ex-FBI Director Comey to end the inquiry into Michael Flynn, Trump’s first pick for National Security Advisor.
Arguably, the US dollar sell-off because of Washington politics’ is a tad overdone. View article >
It is a bit of a headscratcher move. Yet, traders used the excuse that President Trump may have leaked classified information to Russia, to buy EURUSD. The single currency climbed from 1.0975 to 1.1053 at the New York open.
It should be noted, as the New York Times reported, in an uncharacteristically balanced article on Trump, the President has the authority to declassify any information. View article >
The Canadian dollar got a boost overnight. Saudi Arabia and Russia agreed to extend production cuts beyond the end of 2017 to March 2018. They pledged to do “whatever it takes” (Mario Draghi said “hey, that’s my line) to reduce global inventories to their 5-year average. As usual, the reaction of US shale producers will be the monkey wrench in the plans. View article >
FX traders stayed close to home in a quiet overnight session The Trump/Comey show entertained as the warm-up act ahead of today’s US inflation and retail sales data.
USDJPY inched lower in a narrow (113.56-94 range) which may be due to the pause in the global equity market rally and profit taking ahead of today’s US data.
AUDUSD ticked higher on profit taking while mixed data and a hangover from the doveish RBNZ statement undermined NZDUSD. View article >
Moody’s Investor Service downgraded the six largest Canadian banks at the end of the day on Thursday and the Loonie got knocked for a loop in Asia.
USDCAD closed at 1.3655 on Wednesday and spiked to 1.3741 in Asia. European traders didn’t seem concerned with the Moody’s report and the sold USDCAD and drove it back to 1.3685 at the New York open. View article >
The US dollar gave back some of yesterday’s gains in overnight trading. President Trump’s firing of FBI Director James Comey is blamed for the move, in an otherwise slow session
USDJPY dropped from 114.28 to 113.72 yesterday afternoon, after Sky news reported that North Korea would conduct a sixth nuclear test “at some point.” It spent the overnight session in a 113.64-114.11 range with traders more concerned about the prospect for higher US rates. View article >
Spring is in the air and so is “risk.” The French election and the scaremongering about an anti-euro, right wing politician becoming president proved fruitless. VIX, the so called “fear-index” on the Commodity Board Options Exchange is at lows not seen since 2007.
The improved risk tone and the prospects for higher rates in June gave USDJPY a bid from the open in Asia. View article >
Emmanuel Macron garnered nearly double the votes of his rival Marine Le Pen in the French Presidential election on Sunday. EURUSD gapped higher at the Asia open leaping from Friday’s New York close of 1.0995 to 1.1021. the gap was quickly filled and EURUSD declined steadily to 1.0958. It bounced back to 1.0995 by the European opening and then reversed course again, opening in New York at 1.0945. View article >