Forex news for New York trade on July 31, 2017
- Anthony Scaramucci fired as White House communication director
- June US pending home sales +1.5% vs +1.0% m/m expected
- July Chicago PMI 58.9 vs 60.0 expected
- PIMCO thinks the Bank of Canada will have second thoughts
- Cohn says White House and Republican leaders agree on major tax reform issues
- The Fed's Fischer blames temporary factors
- The US auto sales struggle is expected to continue in July data
- Dallas Fed Manufacturing activity for July 16.8 vs 13.0 est
- Canada June industrial product price -1.0% vs -0.3% m/m expected
- US Treasury Department sanctions Venezuela's Maduro
Markets:
- Gold flat at $1270
- US 10-year yields flat at 1.83%
- S&P 500 finishes up 1 point
- WTI crude up 60-cents to $50.31
- EUR leads, CAD lags
It was all about month-end flows today, at least until the White House delivered another Game of Thrones-style twist with the departure of Anthony Scaramucci after just 10 days.
Coming into the day, the US dollar was strong but month-end demand for the euro and pound helped to reverse the story. After dollar sellers got some momentum, the news about Scaramucci led to another round of US dollar selling.
EUR/USD put a strong stamp on the monthly chart with a close that looks like it will be above 1.18 and more than 100 pips off the lows.
Cable climbed 80 pips in New York trade and briefly touched 1.32, which is the highest since last September.
USD/JPY continues to make fresh lows since June 15 as the pair grinded lower to 110.25 from 110.55.
The big news in the day ahead will be the RBA and the Australian dollar. AUD/USD finished the day near 0.8000 and challenging Friday's high of 0.8008. The pair had been as low as 0.7961 at the start of US trading but slowly ticked higher.
