Forex news for US trading on July 13, 2017
- Yellen: I have a reasonable level the expansion will continue
- Yellen: Dollar depressed import prices but that's no longer a factor
- Yellen walks back line about not having a financial crisis "in our lifetime"
- US June PP +0.1% vs +0.0% expected
- ECB to signal 2018 QE tapering at September meeting says WSJ
- US June budget deficit $90 billion vs $38 billion expected
- Fed's Kaplan: Would like to see greater evidence of progress towards 2% inflation
- Fed's Brainard: I want policy to be responsive to changes in conditions
- US sells 29 year 10 mo bonds at 2.936%
- Trump: Don Jr meeting was 'very quick' over fast
- Senate healthcare bill is out now and it's already on the razor's edge
- CBO says Trump budget would add average of 0.1 points to GDP over 10 years
- Merkel: We can talk about having a eurozone finance minister
- Canada May new housing price index +3.8% vs +3.5% y/y expected
- Initial jobless claims 247k vs 245K est
Markets:
- Gold down $3 to $1217
- WTI crude up 58-cents to $46.08
- US 10-year yields up 2.5 bps to 2.34%
- S&P 500 up 5 points to 2448
- NZD leads, CHF lags
The euro, US dollar and yen wrap up the day virtually unchanged against each other. There was a bit of US dollar strength at various times but it was a see-saw as the market waits for tomorrow's CPI report.
Cable was a stronger performer as it made gains in Asia. GBP/USD ran into sellers at 1.2955 early in Europe and then two later attempts to break it failed. Last at 1.2943 as the market looks for signals from the BOE.
USD/CAD bounced early after the big BOC-inspired drop on Wednesday. It climbed all the way to 1.2771 early in Toronto trade but grinded back lower to finish at 1.2729. That leaves about 50 pips of breathing room ahead of Wednesday's low.
AUD/USD finishes another 50 pips higher on the day as the antipodeans put in a strong performance. All the gains were made in Asia as AUD/USD touched a high of 0.7740 then consolidated down to 0.7714 before edging back to 0.7729 late. The pair is nearing some big resistance levels.
WTI is another spot to watch. It was an inside day for crude but a slip to $45.00 was bid and it finished just above $46.06 and within striking distance of Wednesday's high of $46.48.
