Forex news for North American trading on July 4, 2016
- Energy firm says US has more oil than Saudi Arabia or Russia
- BOC Q2 business outlook futures sales 5.00 vs 16.00 prior
- BOC Q2 senior loan officer survey 23.9 vs 6.6 prior
- ECB's Weidmann says European budget rules need to be strengthened
- ECB bought just 9.734B bonds last week vs 17.141B prior
- RBC Canadian June manufacturing PMI 51.8 vs 52.1 prior
- French economic minister gets his knickers in a twist over UK Osborne's tax moves
- German vehicle registrations show no fear of Brexit in June
- Three traders nailed in LIBOR scandal
It was a US holiday and that sapped the life out of the FX market but there were a few notable wobbles.
Cable jumped up at the European equity close in a quick 50 pip rally that was unwound over the next half hour. There were no headlines behind the move, so it looks to be something flow related. Cable finished at 1.3285.
EUR/USD was in a modest chop higher but eventually hit some resistance ahead of 1.1170 and has faded back to 1.1150. That's still in a nice run higher from the European low at 1.1095.
The commodity currencies were a story ahead of the RBA. AUD/USD climbed to 0.7545 in a steady move from 0.7520 but has settled in as the hours count down.
The BOC surveys were bad news for CAD but it was ignored as CAD-positive flows took USD/CAD down to 1.2825, which clears the 61.8% retracement of the Brexit move.
