Forex news for New York trade on October 24, 2017:
- Trump asked Republicans for a private vote on Fed chair - report
- John Taylor appeared to win Trump's poll of Republican Senators
- Talk that three GOP Senators won't support tax bill
- McConnell hopes Senate to pass budget resolution Wednesday
- What the Bundesbank could support at Thursday's ECB meeting
- French Sept jobseekers 3475K vs 3450K prior
- Richmond Fed manufacturing index +12 vs +17 expected
- US Oct Markit manufacturing PMI 54.5 vs 53.5 expected
Markets:
- S&P 500 up 4 points to 2569
- Gold down $5 to $1278
- US 10-year yield up 5 bps to 2.41%
- WIT crude up 55-cents to $52.45
- EUR leads, NZD lags
The US dollar made sold gains against the pound and commodity currencies in the early part of the day. Cable hit a weekly low below 1.3160 and continued down to 1.3113 where it chopped into the close.
USD/CAD was in special focus with the BOC coming up on Wednesday. The pair broke above the 100-day moving average and the Aug 31 high but couldn't crack 1.27.
The move was part of slump in commodity currencies that saw AUD/USD tick as low as 0.7771 and the kiwi rout continuing down to 0.6886.
The drama for EUR/USD came late. It first shot 30 pips higher on talk of the Trump tax plan failing in the Senate but then rebounded on talk that Taylor is in the lead for Fed chair. Last at 1.1764.
USD/JPY was bid higher early in the day on 10 year yields rising above 2.40% but couldn't hold gains above 114.00 and then quickly fell to 113.55 on the tax talk before rebounding to 113.83 on Taylor talk.
