Forex news for New York trade on September 26, 2017

Markets:

  • Gold down $15 to $1295
  • WTI crude down 30-cemts tp $51.92
  • US 10-year yields up 1.4 bps to 2.23%
  • S&P 500 flat at 2496
  • Canadian dollar leads, New Zealand dollar lags

Newsflow was steady ahead of Yellen's speech but nothing got the market moving. Eventually Yellen's headlines hit early on one newswire and they had a dovish slant, but a second newswire presented them differently and with a hawkish slant. That led to a whipsaw in the US dollar but it eventually went higher. Not long after, the gains faded and the market decided it had learned nothing new from Yellen.

USD/JPY touched 112.48 before fading back to 112.21 in a half-cent gain on the day.

EUR/USD is tracking out an ugly pattern and was more the topic of technical talk, but the German election continues to reverberate.

Cable sagged down close to 1.34 on two occasions but couldn't break through and ticked back to 1.3455 late.

The big headline on the day turned out the be Morneau, as he sent USD/CAD 60 pips lower to 1.2342 from 1.2400.

In the bigger picture, the North Korea worried faded as they always seem to do after 24 hours. Gold completely erased Monday's gain.