Forex news for US trading on July 9, 2015:
- IMF World Economic Outlook: 2015 global growth seen at 3.3% vs 3.5%
- US initial jobless claims 297K vs 275K expected
- Canada May new housing price index 0.2% m/m vs +0.1% m/m expected
- Fed's Evans wants FOMC to wait until mid-2016 for rate hike
- Fed's George: It's risky to wait before hiking
- Iran frustrated by changing positions in nuclear talks
- BOJ considering cut to 2015 GDP forecast - Nikkei
- US sells 30-year bonds at 3.084% vs 3.075% WI
- Gold up $1 to $1159
- WTI crude up $1.05 to $52.69
- S&P 500 up 4.6 points to 2051
- US 10-year yields up 12.7 bps to 2.32%
- CAD leads, JPY lags
Market action was a bit more limited that recently but euro and cable weakness stood out. The US dollar slipped at first on the initial jobless claims data but bounced because it was mostly driven by autoplant retooling. The comments from the Fed speakers were predictable.
EUR/USD finishes US trading about where it started but it sank as low as 1.0991, touching just below yesterday's low before a late rebound to 1.1035 as Greece finally delivered its proposal. The reaction from here will depend on how it's received.
USD/JPY traded in a 121.18 to 121.55 range in US trading, softening a bit as US stocks gave back nearly all their gains after a big jump at the open.
Cable gained but it was an uninspired 25-pip bounce after two days of heavy selling. It founds some support at 1.5340, about 10 pips ahead of yesterday's low. That sparked a late bounce to 1.5378.
The commodity block was a bit stronger. Some heavy selling in USD/CAD hit at the North American open, sending it down to 1.2670 from 1.2725 but it was quickly bid up as oil faded about $1 from the highs. It rallied to 1.2740, a marginal session high, before a fall back to 1.2700.
The Aussie set a series of higher lows from 0.7420 but didn't do much in terms of making headway to the upside. Last at 0.7445. The kiwi is struggling with resistance at 0.6756. Neither looks like they believe much in Chinese stocks.
