ForexLive Americas FX news wrap: Canada posts record jobs gains

Author: Adam Button | Category: News

Forex news for New York trading on May 10, 2019:


  • S&P 500 up 11 points to 2881
  • WTI crude flat at $61.73
  • US 10-year yields up 2.7 bps to 2.47%
  • Gold up $2 to $1286
  • CAD leads, JPY lags
The North American trading day started with the best Canadian jobs growth since records began in 1976. It instantly led to a drop in USD/CAD down to 1.3380 from 1.3465. It retraceed to 1.3440 on risk aversion but eventually slipped down to 1.3415 late on better sentiment.

The underlying story on the day was the same as it was all week, US-China talks. Expectations were low at the start of the day and soured after Trump's early tweets. The selling ramped up and the S&P 500 fell by as much as 42 points but commentary after the talks didn't suggest any kind of blowup and both sides hinted at more talks. That was enough to send equity markets all the way back into positive territory.

USD/JPY followed the same pattern. It was weak early and US CPI contributed a small bit to that. It fell to 109.48 but closed near 109.95. That's well off the lows but, importantly, below the big figure.

The euro is showing it can strengthen as US-China trade falters. It rose as high as 1.1254 to break Thursday's high before finishing at 1.1238.

Cable found a bid into the London fix and hit 1.3048 but the gains didn't last once London went home and the pair drifted down to 1.3007.

Have a great weekend.
Forex news for New York trading on May 10, 2019:
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose