Forex news for Americas trading on September 11, 2019:
- China says it won't promise to eliminate IP theft - report
- Rouhani says Iran can join talks with the US if sanctions are removed
- The Trump-Bolton rift may have been about easing Iran sanctions - report
- Trump says he's 'not looking at anything' regarding Iran meeting
- Dutch parliament passes motion opposing tiered rates for banks
- US sells 10-year notes at 1.739% vs 1.740% WI bid
- Trump says he's 'not looking at anything' regarding Iran meeting
- US EIA weekly oil inventories -6912K vs -2900K expected
- US July wholesale trade sales +0.3% vs +0.5% m/m expected
- Trump will meet with advisors today on cutting capital gains
- US August PPI +1.8% y/y vs +1.7% expected
Markets:
- Gold up $10 to $1496
- WTI crude down $1.37 to $56.02
- S&P 500 up 21 points to 3001
- US 10-year yields up 1 bps to 1.74%
- AUD leads, CAD lags
In European trading the story was a dip in the euro on lower growth forecasts but the bottom came shortly after US trading ramped up at 1.0985. From there it made a decent recovery to 1.1012 but trading was understandably slow ahead of the ECB tomorrow.
Oil stayed in the spotlight on the Trump-Bolton drama. It fell on reports that the rift was about Iran and easing sanctions in order to restart talks. The oil inventory report was also a factor. Despite the headline draw, the market focused on a build in distillate inventories. USD/CAD was caught in the move and rose to 1.3214 at the highs before falling back to the figure.
Cable retraced a small portion of the recent gains today in a sag to 1.2313. Headlines were not a factor.
The bond market was flat today in the run-up to the ECB but USD/JPY continued to tick higher on better risk sentiment. US stocks opened flat but steadily gained steam to finish at the highs of the day. USD/JPY was up 30 pips to 107.83.
