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USDCAD is hovering around major support (1.2575) ahead of this morning’s May Retail Sales and inflation data. June CPI is forecast to rise 1.0%. vs. May 1.3%. A better than expected number will drive USDCAD toward 1.2510 while a weaker number may get ignored. The Bank of Canada is willing to look past weak inflation numbers, so you should too.
The Australian dollar was the big mover overnight. View article >
China released a series of better-than expected economic reports that were viewed with a jaundiced eye by traders. China Q2 GDP rose to 6.9 % a tick higher than the 6.8% that was expected. Industrial Production was a robust 7.6%, well-above the 8.5% that was forecast.
However, the quality of the data is questionable as it is coming just before a possible leadership shuffle at the Communist Party Congress, in the fall, a meeting that occurs only once every 5 years. View article >
Fed Chair Janet Yellen testifies before Congress this morning. The lead-up to this testimony has really put a damper on FX markets as traders stayed close to home, in case she delivers a fresh take on interest rates. Remember, the Bank of Canada decided to look past low inflation when they switched to a hawkish bias, last month. Why not, the Fed? View article >
FX traders didn’t get excited about much in a dull overnight session which saw the majors bouncing inside tight trading bands.
Despite wishful thinking to the contrary, the Wednesday afternoon release of the FOMC minutes, did not deliver any surprises. They didn’t give any reason to buy US dollars, or sell them, for that matter.
EURUSD found a bottom after the FOMC minutes but couldn’t get any upward momentum. View article >
USDCAD broke below the psychologically important 1.3000 level again during the Asia session. The decline stalled above major support in the 1.2965 and is currently flirting with 1.3000 again.
The Asia session kicked off with a host of economic data reports from Japan, including CPI, Employment, and Industrial Production. M Inflation was unchanged at 0.4%, y/y, the unemployment rated ticked up to 3.1% from 2.8% and Industrial Production was -3.3%. View article >
FX markets were a tad less frantic, overnight. The US dollar continued to inch lower against the majors except for the Japanese yen and the New Zealand dollar.
USDJPY bounced in a 112.14-40 range until mid-morning in Europe when it popped to 112.63, supported by demand for EURJPY.
AUDUSD rode a pop in iron ore prices and broad US dollar weakness to a three-month peak of 0.7679 from a low of 0.7636. 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 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 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 >