Forex news for North American trade on November 27, 2018:
- Trump may impose auto tariffs as early as next week - report
- US commerce dept: Has not submitted final report on auto tariffs to Pres. Trump
- Kudlow: White House 'disappointed' so far in China trade talks
- China ambassador hints a tough road in US negotiations
- US November consumer confidence 135.7 vs 135.9 expected
- RBNZ to loosen mortgage lending restrictions
- Fed's George: Unemployment in the US is very low, causing labor shortages
- Italy: Salvini again hints at room to trim deficit
- US November consumer confidence 135.7 vs 135.9 expected
- Fed's Bullard: Possible 'cracks' in growth to shape Fed debate in coming years
- US Sept FHFA house price index +0.2% vs +0.4% expected
- US Case-Shiller 20-city house price index +0.33% m/m vs +0.20% expected
- Fed's Clarida: Gradual rate hikes appropriate as data shows way to neutral stance
Markets:
- WTI crude up 16-cents to $51.79
- Gold down $7 to $1214
- US 10-year yields flat at 305%
- S&P 500 up 9 points to 2682
- NZD leads, GBP lags
The US dollar held a solid bid into the London close and there was talk of demand ahead of month-end.
The strength was broad based and accelerated after Trump talked about auto tariffs. That chatter also sent stocks lower but they battled back in a rare sign of resilience.
EUR/USD fell below 1.1300 to a two week low in a third day of declines. ECB speakers were mum but the market is worried about German auto tariffs.
Cable remains a basket case as the Brexit battle royale continues ahead of the Commons vote. It was all downhill as the November lows come back into focus. Will it be a double bottom or a plunge to fresh lows? Tune in tomorrow to find out.
The Canadian dollar was bounced around by oil and eventually rose to the highest since July in a spike to 1.3325 before settling back under the big figure. It was the weakest of the commodity currencies while AUD and NZD managed to score gains on the day as they rebounded from early-US wobbles.
USD/JPY tracked improving risk sentiment in a 20-pip rise to 113.78.
