Forex news for US trading on June 5, 2017
- ISM non manufacturing composite index 56.9 vs 57.1 estimate
- April US factory orders -0.2% vs -0.2% expected
- Markit final May US services PMI 53.6 vs 54.0 initially
- White House says Trump won't invoke executive privilege for Comey
- Toronto house prices fall 6% in May
- Q1 US nonfarm productivity 0.0% vs -0.2% q/q expected
- Morgan Stanley cuts long-term GBPUSD price forecast
Markets:
- Gold flat at $1279
- US 10-year yields up 2 bps to 2.18%
- WTI crude oil down 28 cents to $47.38
- S&P 500 down 3 points to 2436
- AUD leads, EUR lags
The market struggled to find a strong theme to start a busy week.
EUR/USD slowly climbed to 1.1257 from 1.1245 at the start of US trading. It had spilled 30 pips lower in European trading earlier.
Cable caught a bid on a relief rally as fears of a tight election dissipated after some polls showed May still comfortably ahead. A quick pop to 1.2942 resulted in a one-week high but as the day wore on, the gains dissipated in a grind back down to 1.2900 a the day's end.
USD/CAD touched as low as 1.3459 despite a slide in oil prices. It had started North American trade near 1.3500 but worries about Canadian housing have been outweighed by CAD short covering.
USD/JPY was not much of a mover as it ranged from 110.36 to 110.70 as it consolidates the big post-NFP fall. Notably, it finished near the lower end of the day's range.
AUD/USD was the big mover on the day by a longshot as it climbed a half-cent. So far offers at 0.7500 are holding it back along with resistance 20 pips above. The RBA decision is the big event in the hours ahead.
