Forex news for New York trade on May 10, 2017:


  • S&P 500 up 2 points to 2399
  • US 10-year yields up 1 bps to 2.41%
  • WTI crude up $1.50 to $47.37
  • Gold down $2 to $1219
  • NZD leads, JPY lags

The US dollar held a steady bid in New York trade again. The market got shy earlier -- maybe it was a retracement, maybe it was Comey -- and USD/JPY was chopping around 113.75 as traders arrived but it made steady progress from there. For the second day in a row, a soft bond auction pushed up yields and USD/JPY. Not long after, the pair hit stops in a rush to a multi-week high of 114.37.

EUR/USD trading was highlighted by Draghi's appearance. The euro had hit session lows before he started but he added a bit of optimism and that helped the pair up to 1.0880 from 1.0680. It chopped in that range until a late USD push sent it to 1.0853. Bids are holding at 1.0850.

Cable chopped sideways in North American trade in a 1.2930-50 range. Headlines were light from the UK and the market continues to consolidate below the big figure.

The Canadian dollar sprang to life on an inventory-infused rip higher in crude. USD/CAD was down slightly at 1.3700 early in the session but sank another 50 pips as oil broke the weekly high and continued. The late USD strength led to a bounce to 1.3675 but it's fading now and the pair is back testing 1.3650.

NZD/USD is the focus in the hours ahead with the RBNZ on the docket. The kiwi was the star of the day but the moves came in Europe and Asia. NZD/USD ran into sellers at 0.9650 on several occasions in US trading and dipped down to 0.6930 late.

EUR/CHF was quieter Tuesday as it consolidates below 1.0975.