US dollar ends the week mixed
- US auto sales for June come in weaker than expectations
- US stocks have the best week of the year
- CFTC commitment of traders: Little change in net positions in the current week.
- WTI futures settle at $48.99/BBL
- Germany will stick to balanced budget - report
- Baker Hughes US oil rig count +11 to highest since April
- ECB's Weidmann: Don't see need for monetary easing after Brexit
- Fed's Mester: Waiting too long to hike adds stability risks
- Atlanta Fed GDPNow Q2 forecast cut to 2.6% from 2.7%
- US June auto sales have been soft so far
- ISM's Holcomb says most data was collected before Brexit vote
- More from Fischer : Fed will consider fallout if US election uncertainty is wide
- US Fed's Fischer says they're watching markets closely and preparing for July FOMC meeting
- US construction spending May mm -0.8% vs +0.6% exp
- US ISM manufacturing June 53.2 vs 51.3 exp
- Czech government says it has no intention to hold any referendum on EU membership
The US dollar ended the week mixed for the week and mainly lower on the day. For the week the greenback fell the most vs the GBP, but had modest gains vs the CAD, NZD, AUD and EUR. Overall the changes were modest (see chart below).
For today, the dollar rose modestly against the GBP and fell against the other pairs.
The largest decline came against the AUDUSD. A greater appetite for risk as stocks climbed (best week of the year in the US) helped.
The EURUSD squeezed higher in early NY trading reached the 50% of the move down from the Brexit high, and backed off (50% at 1.11678/high 1.1168). The pair move lower took the price back below the 200 hour MA at 1.11468. That level and the 50% will be the hurdles if the upside has any more chance in next weeks trading.
The GBPUSD had a choppy session but ended modestly lower on the day. The pair took a run higher in Asian and later in the NY session. Those runs both ran into resistance against the 100 hour MA at the 1.3342 level.
The USDJPY did all the selling in the Asian Pacific session. By the time NY traders showed up, the pair was bottoming against the 100 hour MA. The market did the same thing yesterday. Yesterday, the price rebounded off the MA level. Today there was no such bounce. The pair wandered below the MA level at 102.56 during the last few hours of trading but is closing close enough to the close to warrant a wair-and-see attitude for the pair
