Forex news for US trading on June 8, 2016
- US stock indices end the day near highs
- Commodities higher. Trading as the highest level since November 2015
- ForexLive Webinar: Beating the drum some more...; )
- NZDUSD unperturbed in the face of a possible RBNZ rate cut
- 6.2 magnitude quake off of Indonesia - Livesquawk
- European stocks end the day mostly lower
- ECB Coeure:Any potential action taken over Brexit would be done in coordination
- Oil pulls a Cruyff turn after inventory data
- You couldn't make it up - Brexit edition
- EIA US crude oil inventories -3226k vs -3000k exp
- May 2016 UK NIESR GDP estimate 0.5% vs 0.3% prior
- April 2016 US JOLTS 5.788m vs 5.672m exp
- April 2016 Canadian building permits -0.3% vs 1.5% exp m/m
- May 2016 Canadian housing starts 188.6k vs 189.0k exp
- USDCAD on the ropes as oil runs higher
- US MBA mortgage applications 9.3% vs -4.1% prior
The US dollar is ending mostly lower in trading today but the GBP is the weakest. The CHF was up against all major currencies and was up the most vs the GBP. Flight into the relative safety of the CHF? Seems that way.
Economically, the US Jolts data came out for April. Much was said about the job opening which rose to the highest level on record. Plenty of jobs out there? But New hires were down to 5,092 from 5, 290 the prior month and 5,510 in Feb. The quit number was also lower by a modest amount. A higher quit rate is supposed to show strength as employees tell their boss to "take this job and sh*&^ it!" Well, there were less of those in the current month. In other news Canada housing starts were lower as were building permits.
US stocks were marginally higher while European stocks ended the day marginally lower. Oil prices moved above $51 on the back of a weaker dollar (or was the dollar lower because of stronger oil?) and tension in Nigeria. Oil production has dropped to a 20 year low due to militants action. Gold was higher. Bond yields were lower.
In specific currency pairs, the EURUSD extended it's trading range for the week today. The range was a tiny 68 pips. It is now a very small 82 pips. The high price could not get above the 61.8% retracement of the move down from May at the 1.14175 level (the high reached 1.1410). A move back below 1.1356 will likely lead to traders thinking the 82 pip range will be extended on the downside (my thought).
Commodities were up today. Not only oil prices but commodities in general . That gave the commodity currencies a boost. The AUDUSD tested the 50% of the move down from the April move, and stalled.
The NZDUSD rallied in the face of the RBNZ decision at 5 PM ET/2100GMT and is trading near the highs for the day / highs for the year at 0.70529. Do traders know something? If they do surprise, there is room to roam to the downside.
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