Forex news for US trading on April 25, 2016:
- March US new home sales 511K vs 520K expected
- Abenomics architect says BOJ needs to do more, but probably not this week
- Tesco CFO says deflation endemic in UK grocery market
- US sells 2-year notes at 0.842% vs 0.840% WI
- The Fed is completely wrong about the wealth effect - Ritholtz
- Talk of bearish inventory data weighing on oil
- ECB's Dombret: Banks are coping reasonably well with negative rates
- Dallas Fed April manufacturing index -13.9 vs -10.0 expected
- Bin Salman sends mixed signals on oil prices
Markets:
- Gold up $6 to $1238
- WTI crude down 95-cents to $42.77
- S&P 500 down 7 points to 2084
- US 10-year yields up 1.25 bps to 1.90%
- JPY leads, CAD lags
The market didn't have much to chew on and that was reflected in generally-sideways trading.
The euro finished US trading where it started (at 1.1260). The first move was lower down to 1.1243 and then it made a steady climb up to a daily high of 1.1278 before sliding back down.
GBP/USD hit a session high of 1.4518 just as New York arrived and then it chopped in a range 30 pips lower. Last at 1.4473. The buying was helped along by increasing reports and polls that show appetite for a Brexit is waning.
USD/JPY came under pressure as US traders arrived in a quick 30-pip dip to 110.82 but it bounced back over the next hour and then chopped sideways to finish at 111.15.
Oil was soft but USD/CAD didn't take notice, likely because of oil settlement flows. Early selling took the pair down by 20 pips to 1.2660 then it recovered to 1.2690 but fell once again then recovered again.
The US calendar picks up tomorrow with durable goods orders, the Markit services PMI, consumer confidence and the Richmond Fed.
