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The US dollar is starting the New York session with tiny losses across the board in an uneventful overnight session.
AUDUSD and NZDUSD inched higher, supported by a bit of a bounce in oil prices. NZDUSD is still receiving help from RBNZ’s non-doveish stance. Nevertheless, NZDUSD is still lower than it was on Monday in Asia. AUDUSD is well below Monday’s level as well. View article >
It has not been a stellar week for top tier economic data in Europe or the US. Traders are left scouring headlines and charts for something to justify their trades. They found it in oil, “Texas tea,” black gold”. However, they didn’t load up the truck and move to Beverley; Hills that is; swimming pools movie stars
. Instead, the bought Japanese yen, gold and USDCAD. View article >
Oil spills are messy and this latest bout of WTI price declines is no different. The 5.3 percent fall in WTI prices between Monday and Tuesday, talk of a “bear” market and rampant scepticism that Opec production cuts can offset rising production elsewhere are behind the move.
Tuesday’s, end of day, API Weekly Crude stocks change data showed a 2.72 million barrels drop in US crude inventories which helped to “stop the bleeding. View article >
Bank of England Governor Mark Carney said, in reference to the outlook and timing of UK rate hikes, “ From my perspective, given the mixed
signals on consumer spending and business investment, and given the still subdued domestic inflationary pressures, in particular anaemic wage growth, now is not yet the time to begin that adjustment”
Sterling tanked, dropping from 1.2756 to 1.2670 which is where it sits in early New York trading. View article >
The US dollar retreated in overnight markets. The greenback has fallen against the G7 currencies, except against the Japanese yen in a bout of pre-weekend profit taking.
The Bank of Japan interest rate decision and policy statement was the story in Asia. The BoJ left interest rates unchanged, as expected and left the JGB target at 0%. USDJPY rallied on the news rising from 110.85 to 111.37 where it sat at the New York open. View article >
The US dollar flexed its muscles after the FOMC meeting, yesterday afternoon. The Fed raised the target range of federal Funds by 0.25% to 1.0-1.25%, which was well-telegraphed and almost unanimously expected. They tweaked some forecasts. Inflation is 2017 was lowered to 1.7% from 1.9% while GDP growth was nudged higher to 2.2% in 2017.
The biggest news was the announcement that balance sheet normalization will begin this year but in such a way that it wouldn’t have any impact on markets. View article >
The commodity currency bloc (AUD, NZD and CAD) were the only currencies to gain against the US dollar, overnight. Those gains were partially fueled by “mixed” to “better-than-expected” China economic data.
China May Retail Sales rose 10.7%, y/y unchanged from April but a tick better than the forecast. Industrial Production rose 6.5%, y/y beating the forecast but unchanged from April.
AUDUSD rallied from 0.7533 to 0.7586 by the New York open. View article >
The Canadian dollar outperformed all other G10 currencies against the US dollar, overnight. USDCAD dropped dramatically just after lunch-time yesterday when Bank of Canada Senior Deputy Governor Carolyn Wilkens signaled a shift in the BoC’s interest rate policy. When talking about improvements in the domestic economy, she said
“If you saw a stop light ahead, you would begin letting up on the gas to slow down smoothly. View article >
FX traders won’t be in any hurry to drive the US dollar very far from its current levels against the majors until they hear from the FOMC on Wednesday afternoon. The Fed is almost unanimously expected to raise interest rates by 0.25%. The volatility will come from forecast changes and from discussions or news about when they will start shrinking the balance sheet. View article >
Alas, “the best laid plans of mice and men often go awry.”: Poet Robert Burns is credited with coining the phrase and UK Prime Minister Theresa May is today’s poster child for those words.
In a deft political manoeuver, Prime Minister May turned her majority government into a hung parliament. GBPUSD got trashed, falling from 1.2955 to 1.2637 on the news. View article >