Forex news for US trading on September 19, 2016:
- September 2016 US NAHB housing market index 65 vs 60 exp
- Stocks could crash 25% says Goldman Sachs
- Another Nigerian group claims a pipeline attack
- ECBs Mersch: Must leave room for banks to maneuver
- Saudi July oil exports rose 2.2% in July - JODI
- Stocks could crash 25% says Goldman Sachs
- Banks in the UK could still retain access to the EU after exit say Moodys
- Bombing suspect arrested in New York
Markets:
- Gold up $3 to $1313
- WTI crude up 22-cents to $4325
- US 10-year yields up 1.2 bps to 1.21%
- S&P 500 flat at 2139
- AUD leads, USD lags
The US dollar was in damage-control mode in New York trading. It had lost ground across the board in Asia and early in Europe but unwound much of the pain in the final hours of trading.
Cable was the focus right from the open as it fell hard on Friday and was flirting with 1.30. It rebounded in Asia and extended to 1.3090 in early New York trading. That was the 38.2% retracement of the fall and that was all she wrote in terms of a bounce. It faded back to 1.3030 late as the dollar crept up.
USD/JPY also bottomed around 10 am ET on a continuation of the move that started in Asia. It made it to 101.85 late in London then chopped back down to 101.70 before a grind up to 101.87 late.
EUR/USD also fell on Friday but was supported near 1.1150 and then ran up to 1.1200 in the quickest move of the session. it couldn't hold though and faded back to 1.1175.
Overall, we weren't looking at big moves on any front.
The commodity currencies looked like they were going to have big days with oil up +2% but crude couldn't hold onto the gains and neither could CAD.
AUD/USD had a steady bid for three-quarters of the day and hit 0.7573 on the London fix but slipped back to 0.7533 late, finishing at the worst levels of US/European trade.
Watch out for more BOJ leaks in the hours ahead. Japan is back from holiday today.
