Forex news for North American trading on September 10, 2018:
- Barnier says Brexit deal is realistic in 6-8 weeks, GBP surges
- EU to announce a Brexit summit, likely on Nov 13 - report
- Winklevoss twins get approval from regulators to launch Tether competitor
- US July consumer credit +$16.64B vs +$14.4B expected
- North Korea wants 2nd meeting with Trump. White House open to it
- Abe considering a cabinet reshuffle in early October
- Fed's Bostic: Trade dispute causing uncertainty about future rules
- More Bostic: Once we get to neutral, let's stay there and see.
- The storms are lined up in the Atlantic as Florence nears US coast
Markets:
- Gold down $1 to $1195
- Bitcoin at $6288
- WTI crude down 24-cents to $67.52
- S&P 500 up 8 points to 2879
- US 10-year yields down 0.5 bps to 2.93%
- S&P 500 up 5 points to 2877
- GBP leads, CHF lags
North American traders arrived to a pretty-much empty calendar and positive risk sentiment percolating. Just as everyone went for a second cup of coffee, comments from Barnier began to cross and he put a 6-8 week timeline on negotiations then followed up with a few more positive comments. That sent cable to 1.3052 from 1.2950. The initial spike held up as the high of the day with the pair chopping down to 1.3005 then back up to 1.3030.
EUR/USD had dipped down to 1.1526 in Europe but had climbed to 1.1575 by the time New York got online then continued up to 1.1616 early in US trading before slipping back to 1.1594.
USD/JPY traded in a 111.00-111.25, which matched Friday's high. It finished near the top of the range on upbeat sentiment.
Despite positive sentiment, the Australian and New Zealand dollars couldn't make any headway. AUD/USD battled up to 0.7132 before slipping back to 0.7113 as it remains near the lowest since February 2016. The kiwi was similarly soft.
USD/CAD made two attempts at 1.3200 and was in the process of a third when North America rolled in but the failure to break through sparked some selling and the pair fell back to 1.3150 where it chopped back up to 1.3165.
