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The Barcelona terrorist attack cast a pall over FX markets already confused by the FOMC, ECB and the Trump Circus.
The major Asia equity indices are in the red, led by the Nikkei which closed down 1.18% on the heels of the large drop in US indices and the rise in the yen.
The US dollar opened in New York with small losses against the majors. View article >
The release of the FOMC minutes, yesterday afternoon, knocked the US dollar for a loop. The greenback dropped against the majors (compared to the opening level) except for the British pound.
FX markets and the media made a big deal about the inflation discussion which seemed to show a divided Committee. They concluded that another rate hike in 2017 won’t happen and sold US dollars. View article >
EURUSD traded sideways, but well-above yesterday’s in the 1.1735 area until the European session opened. Seasonally-adjusted, Eurozone Q2 GDP posted a 2.2% gain, topping the 2.1% that was predicted. Eurozone nations also recorded better than expected GDP data, suggesting that the recovery is improving and is broad based.
EURUSD bounced between 1.1692 and 1.1757 on the news and is currently trading at 1.1708 in New York. View article >
The US dollar opened in New York on a firm footing. The greenback scratched out added gains against the majors, except for the Swiss franc.
Sterling was lively albeit in thin markets due to a series of Assumption Day holidays throughout the Eurozone.
GBPUSD traded with a negative bias in Asia and bias proved fortuitous during the European session. New York traders were just settling in when the UK released Retail Sales, PPI and CPI. View article >
The US dollar opened with small gains across the board. Tensions surrounding North Korea and the US have eased, somewhat, and risk aversion trades have been pared.
Asia opened with news that Japan Q2 GDP data surpassed expectations, rising 1.0%, q/q vs. forecast for a 0.6% gain. Donald Trump took a time out from chirping at North Korea. That led to an unwind of risk aversion trades and USDJPY rallied from 108.95 to 109.79 by the New York open. View article >
The US traded higher overnight and opened in New York with gains against all the majors except for the Japanese yen. US Secretary of State Rex Tillerson managed to calm a hysterical anti-Trump media warning of nuclear war.
The Reserve Bank of New Zealand (RBNZ) got things going at the Asia open. They left their policy rate unchanged at 1.75%, as expected. View article >
A petulant President in the White House. A psychotic Supreme Leader in North Korea. What could go wrong?
In a war of words to rival any day-care drama, Trump got his yellow-dyed hackles up after endless rants by the NK nutbar. The US President, displaying all the tact and diplomacy of a spoiled two-year old, threatened North Korean with “fire and fury.”
North Korea responded by threatening to launch missiles at the US Pacific Territory of Guam. View article >
It’s not the hounds of Bakersfield you hear, it is FX traders howling at the static prices on their screens.
If Monday’s trading action was in slow-motion, Tuesday’s was stop-motion.
In Asia on Monday, NZDUSD was under pressure after Q3 inflation expectations fell and it remained soft today. The RBNZ policy meeting is Thursday.
AUDUSD rallied on Monday in Asia but dropped in the European and New York sessions. View article >
Euro, yen, and sterling were just spinning their wheels overnight, unable to get any traction. That wasn’t quite the case for the antipodean currencies which were pressured by weak data.
It started in New Zealand. The ANZ Commodity Price index dropped to 0.8% in July, well below the 2.1% gain recorded in June. NZDUSD dropped from 0.7429 to 0.7393. Prices recovered somewhat in Europe and Kiwi opened today at 0.7408. View article >
EURUSD and GBPUSD were the only currency pairs to advance against the greenback, overnight.
EURUSD found a 1.1790 low in the Asia morning and then climbed steadily to 1.1867 in the European session when Eurozone June PPI inflation dipped to 2.5% from 3.4% in May. Bullish technicals, the Fed on hold and the belief that the ECB is getting set to taper QE, is behind the strength. View article >