USDCAD broke below 1.3100 in early New York trading, reaching a low of 1.3085. (so far) Overnight, USDCAD bounced from 1.3150 to 1.3195 following the weekly API crude report. A tiny increase in inventories (0.85 m/b) led to the out-sized rally, which was more a factor of thin markets than anything else.
Bank of Canada Governor Poloz repeated that Canadian economic growth is expected to be above potential. View article >
With the Bank of England’s (BoE) latest financial stability report having little impact on currency markets, movement in the Pound (GBP) yesterday was largely driven by its peers.
There were a few points worth focusing on in the BoE’s report however as the bank warned against the rise in consumer credit (which is reportedly at its highest levels since the financial crash) and pushed for banks to ensure they have £11.4bn in extra capital to protect against possible bad loans. View article >
NZD/USD climbed yesterday to highs not seen since early February but gave back all gains prior to the end of the New York session, and to the surprise of many finished down on the day.
In the absence of any New Zealand-specific data or news, the rapid rise and sudden decline in the kiwi can only be explained by technical factors, namely the major resistance zone between 0.7350 and 0.7375 – an area which encompasses January and February’s highs. View article >
Draghi came from Brussels, it’s not in F L A
Flew first-class to Sintra, which isn’t in the USA
Plucked his feather on the way
Then the dove was a hawk
He said “hey babe take a walk on the hawkish side:”
(Apologies to Lou Reed)
EURUSD roared to life in Europe, rising from 1.1182 to 1.1263 in seconds, after ECB President appeared to change sides. View article >
The Pound (GBP) found little in the way of lasting gains on Monday despite the DUP finally agreeing to a deal with the Tories after two weeks of negotiations.
While Theresa May will now have the support she needs to effectively rule in a minority government, markets remain wary of her position in the Conservative party, will many rumours still circling that she could be ousted as leader over the bungled general election. View article >
“Hedge funds are selling yen this week, and positive comments from Yellen could give them an excuse to sell even more,” said Kaneo Ogino of FX research group Global-Info Co yesterday.
Ogino’s comments came at the end of yesterday’s New York session which ended with the yen trading at ¥111.84 against the dollar, marking a 0.6% fall on the day and a one-month low in the Japanese currency. View article >
The US dollar started the New York sessions with modest gains compared to Friday’s close. That wasn’t the case in Asia where several markets were closed for holidays.
USDJPY inched higher to start the day and then accelerated in Europe, rising from a low of 111.15 to 111.70. A rise in Asia equity indices an US Treasury yields encouraged the move. View article >
The Pound (GBP) rose against the majority of its peers at the start of this week’s trading session following news that Theresa May was close to finalising a deal with the DUP to support a minority government.
Markets are hopeful that the deal will help to stabilise May’s minority government and strengthen her position in the ongoing Brexit negotiations. View article >
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