Forex news for North American trade on May 11, 2018
- Canada April employment -1.1K vs +20.0K expected
- US April import price index m/m 0.3% vs 0.5% expected
- SNB's Zurbruegg: Franc can quickly strengthen
- Baker Hughes US oil rig count 844 vs 834 prior
- EU's Barnier sees risks that Brexit talks will fail
- Trump on NAFTA: "We'll see what happens"
- Fed's Bullard says he has "no problem" with overshoot on inflation
- NAFTA: Mexico econ minister says won't sacrifice quality for a quick deal
- ECB's Draghi talks about risk reducing and risk sharing in eurozone
- Fed's Bullard: Rates are likely already back up to neutral
- US April import price index m/m 0.3% vs 0.5% expected
- CFTC Commitments of Traders: Sterling longs bail, Swiss franc sold
- NAFTA: Canada's Freeland says atmosphere on talks is good
Markets:
- Gold down $3 to $1318
- WTI crude down $0.85 to $70.51
- US 10-year yields up 1 bps to 2.97%
- S&P 500 up 5 points to 2727
- CHF leads, CAD lags
The underlying theme was some minor US dollar weakness but it most came through early in Europe and bleeding into North American trade. USD/JPY finished flat on the day at 109.39 and most pairs finished within 20 pips of opening levels.
The Canadian dollar was in focus with the employment report out. It helped to reverse two days of USD/CAD declines and the pair finished at 1.2795 from a low of 1.2730. There were some positive caveats in the report but oil struggled late in the day on talk of Mexican oil selling.
Cable bounced in European trade to hit 1.3590 but faded later down to 1.3542 in part on Brexit headlines.
EUR/USD hit a session high of 1.1968 early in North American trade and tried to get back there twice but failed both times in a slow slide to 1.1943.
Have a great weekend.
