Forex news for US trading, June 9, 2015:
- April 2015 US JOLTS job openings 5376k vs 5030k exp
- US April wholesale sales +1.6% vs +0.6% expected
- EIA hikes US oil production estimates, sees fresh glut hitting market
- EU Dijsselbloem says that there are still differences with Greece on what has to happen by the end of the month
- Snap elections are not on the cards says Tsipras
- New Greek plan falls short of last weeks pledge - BBG
- EU's Dombrovskis says there could be a Greek deal in the coming days
- EU spokesman says Greek proposal has not been rejected
- ECB's Makuch says QE impact can be seen in higher inflation
- Italy's Padoan confident a deal will come soon on Greece
- OECD says RBNZ should lay off cutting rates
- Saudi Oil ministry: Rise in production is a result of increased global demand
- WTI crude oil up $1.80 to $59.93
- Gold up $3.50 to $1177
- S&P 500 flat at 2079
- CAD leads, CHF lags
A beating in the US dollar yesterday looked like it might lead to a bounce today but, if anything, it was of the 'dead-cat' variety. EUR/USD was in the midst of a stumble as New York arrived but it hit 1.1213 -- which was right at the 50% retracement of this week's rally -- and it found bidders. It was a grind higher from there and finished the day at 1.1280, virtually flat on the day.
USD/JPY did manage some headway in US trading, climbing to 124.40 from 123.90. That erased declines in European trading and left the pair down only 15 pips on the day. Rising Treasury yields helped to lift the pair and EUR/JPY demand was a secondary factor.
The real drama of the day was in cable in a nasty whipsaw. The pair fell to the session lows at 1.5260 in a quick 50 pip drop. There was no particular reason for the move and it was followed by an equally mysterious rebound that was twice as powerful as it shot to 1.5385. We're still looking for answers.
USD/CAD sank throughout the day. It's the same old story here as oil prices climbed a couple bucks. There was a bit of catch-up involved as well, as the loonie didn't take advantage of yesterday's USD rout.
AUD/USD was stuck in a few choppy moves in the 0.7680 to 0.7115 range. It's been on either side of that range and handful of times in the past day. A break above 0.7710 would be bullish.
