Forex new for trading on April 10, 2017
- Four things this week that might not be on your economic calendar
- US dollar is the weakest of the majors today
- The five best Twitter questions to Janet Yellen for #fordschoolyellen
- Crude oil futures settle at $53.08 /BBL
- Tough week for central bankers as Lacker and now Tucker flagged
- IMF Lagarde: Problems for global economy...
- 3 year comes in 1.525%
- High times for the Canadian economy start Thursday
- The EURGBP technical story says ceilings are getting lower, but...
- USDJPY trips below the 111.00 level
- OECD, ILO, WTO, World Bank and IMF warn against protectionism
- Fed survey sees falling consumer inflation expectations
- S&P warns EU's rating could be hit of Brexit goes badly
- Follow the trend: Citi says to sell EUR/JPY
- US March labor market conditions index +0.4 vs +1.5 prior
- ECB's Constancio says policy reassessment not warranted now
- Goldman Sachs says to sell French bond futures ahead of election
- The strongest and weakest currencies as NA traders enter for the day
In other markets:
- US stock end little changed: S&P +0.07%. Nasdaq +0.05%. Dow +0.01%
- US debt yield are lower by about 2 bps across the curve
- Spot gold is unchanged at 1254.33 (down -$0.25)
- WTI Crude is trading above $53.00 at $53.05, +$0.81 ore +1.55%
Quiet day in the markets today after Friday's fireworks on the back of the US employment and the bombing of a Syrian airbase...
There was little in the way of economic data. The one piece of information was the March labor market conditions index. It rose by 0.4% which was less than expectation (+0.8% estimate). The index is a compilation of labor indicators. With the employment number coming out weaker on Friday, the market has an inkling that it might just be weaker too. It was. No big impact.
The dollar did move lower in the US session. The move lower was helped by a softer debt market. The USDJPY was a leader to the downside. Traders - in the Asian session - pushed the pair away from the 200 hour MA at 111.04 area. When the price fell back below in the NY session, buyers gave up and sellers pushed the pair toward the 110.83 area (50% of the range last week). That was a good area to pause and the pair waffled below the 111.04 and the 110.83 for the rest of the day.
The USDCAD was also a mover today as it was pushed lower but a lower USD and higher oil prices. Crude oil was supported by reports Libya's largest producing well was idled. It move and closed above $53 /bbl and that helped to push the pair steadily to the downside (support at 1.3300 and the 100 day mA at 1.3285 looms below).
The EURUSD traded in a quiet 37 pip range and had trouble above the 1.0600 level (high reached 1.0606.
The GBPUSD traded above and below the 100 day MA in the NY session (at 1.24168) after rallying higher in the NY session (high reached 1.2428). However, the pair is closing back below the key 100 day MA which likely has traders thinking the rally was just a correction of the sharp move lower. Stay below the 100 day MA keeps the bears more in control.
Below is a snapshot of the strongest and weakest currencies for the day.
