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The British pound rose on Friday to its highest level against the dollar since the UK’s historic ‘Brexit’ vote in June of last year.
By lunchtime in London, the pound was buying $1.3616, capping a brilliant fortnight in which it has risen from rates close to $1.29. On minor profit taking, the currency settled back at $1.3583, for a weekly gain of 3.1%. View article >
Investors were rattled on Friday morning following the news that North Korea had launched another missile over northern Japan. After traversing the island of Hokkaido, the missile is said to have travelled a further 1200 miles before landing in the Pacific Ocean.
The North Korean regime preceded its test with statements that it would “sink” Japan and reduce the United States to “ashes and darkness.” The comments were made in response to new UN sanctions which restrict oil imports and textile exports in the hope of starving the regime of fuel and income. View article >
The trading week ended as it began, with investors selling the dollar and seeking the safety of the yen and Swiss franc.
This time, rather than North Korea, investors have been unnerved by Hurricane Irma – a potentially deadly storm, likely to reach Florida on Saturday evening, that is expected to cause significant economic damage.
Irma’s current maximum wind speed, as measured by an Air Force Hurricane Hunter aircraft, is 155mph (240kph) according to Weather.com – more than enough to break trees in half and tear roofs from buildings. View article >
Investors fled to the safety of gold, government bonds and the Japanese yen on Tuesday as geopolitics took centre stage.
After North Korea fired a missile over Japan, money flooded into gold, which rallied to a nine-month high of $1,325, and into yen, which strengthened to the low 108s against the dollar. Prices for Treasuries, gilts and bunds also rose, pushing yields down. View article >
Asia opened with Friday’s news that Stephen Bannon, another top White House official, got canned/resigned. They didn’t seem to care.
Traders didn’t care about a report that a US Navy destroyer collided with an oil tanker in the Strait of Malacca. And they didn’t care that about the start of South Korea/US war games, either.
USDJPY traded at 108.41 in Asia and edged down to 108.90 in Europe in a subdued session. 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 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 >