Forex news for US trading on July 28, 2015:

  • July 2015 US consumer confidence 90.9 vs 100.0 exp
  • July 2015 US Markit services PMI flash 55.2 vs 55.0 exp
  • May 2015 US Case Shiller HPI 20 city -0.2% vs 0.3% exp m/m SA
  • US July Richmond Fed +13 vs +7 expected
  • June 2015 Canada PPI 0.5% vs 0.4% exp m/m
  • Bill Gross sees 'treacherous waters' for investors
  • BOE's Cunliffe: Banks shouldn't expect a "turning back in the overall regulatory dial"
  • US Senator says Obama will soon reject Keystone XL
  • US sells 2-year notes at 0.690% vs 0.695% WI
  • The latest EBA report on EU's 37 largest banks
  • Gold up $1.40 to $1095
  • WTI crude up 41-cents to $47.80
  • S&P 500 up 25 points to 2093
  • US 10-year yields up 3 bps to 2.25%
  • NZD leads, EUR lags

A rebound in oil and the Canadian dollar was the story in a middling US session ahead of the Fed tomorrow. USD/CAD rebounded to as high as $48.44 from $48.66 and that triggered rush of USD/CAD selling to as low as 1.2912 from 1.3020 at the start of US trading. It was the largest one-day loss in the pair in a month.

The other commodity currencies also did well as the US-listed China ETFs gained on optimism about the day ahead. AUD/USD started at 0.7300 and caught a strong bid into the London close, hitting 0.7345 before a late fade to 0.7325.

RBNZ Governor Wheeler is coming up shortly and he will look to fine tune the message on rates and may flex his jawbone. NZD/USD rose up to 0.6709 from 0.6660 in US trading but gave up almost all of the gains late.

EUR/USD sagged to 1.1025 in Europe but caught a small bid early in US trading after weak consumer confidence and that helped it to 1.1058.

USD/JPY was under some pressure despite higher yields. The pair was at 123.75 at the start of US trading after a rally in Asia and Europe but it was giving back the gains in New York trading and finished at 123.55.

Cable surged almost a cent after GDP, even though the numbers were in line. It was mostly a case of back-and-fill from there. The pair made a marginal new high in US afternoon trading at 1.5628 but failed to attract significant buying interest.

EUR/CHF finally ended its winning streak after six days of gains.