Forex news for NY trading on November 11, 2019
- Dow record close. Nasdaq and S&P down but well off lows
- US WTI crude oil futures settle at $56.86
- Bitcoin's weekend run higher runs into resistance. Bears in control.
- ComRes UK election poll: Conservatives 36% (Unc), Labour 29% (+1%)
- European shares are little changed in trading today
- UK Election poll from ICM: Tories at 39% (+1%). Labour 31% (Unchanged)
- Alibaba sets a singles day record of 268.4B yuan
- ECB Mersche: Risks to growth remain to the downside
- Gold trades to the lowest level since August 5th
- Feds Rosengren: Nothing since the Oct meeting would change view the last cut was not needed
- Fed's Rosengren: It is less likely the Fed moves to negative rates
- Labours Corbyn: Brexit party move means Trump Escott his wish for an alliance
- The GBP is the strongest and the AUD is the weakest as the NA session begins
- How much is Nigel Farage really helping Boris Johnson here?
Today was a semi holiday in the US. Although banks, the governement bond market, and goverrnment agencies were closed in observance of Veterans Day, the US stock markets were open. So no economic news to trade off of. Fed's Rosengren (voted to not change policy at the last meeting) was in Oslo and had a few "more hawkish" comments, the impact was limited.
What was also unique today was that I will start the day with the ranking of the strongest and weakest of the major currencies. Rarely does the order of the eight currencies remain the same at the end of the day. That was not the case today. The order remained in the same order with the GBP and NZD the strongest and the AUD and USD as the weakest. Below is the full ranking and % changes of the major currencies vs each other.
The biggest story of the day was in the UK where the Brexit Party chief Nigel Farage said that his party would not run against Tory seats in the upcoming election. That sent the pound surging in pre-NY trading. The high price for the GBPUSD extended above its 100 and 200 hour MAs at 1.2873 and 1.2878 respectively. However, in the New York session, the price started to wander back to the downside as traders and analysts viewed the gesture as less impactful than initially thought. As a result although the pound remained the strongest of the majors, it did lose some of its strength in the session. For the GBPUSD, the pair is going out near 1.2850 which is between the 100 hour moving average below and the 200 hour moving average above.
The USD was lower on the but it did recover some of the declines in the New York session.
The EURUSD could only muster a 27 pip trading range. That was the range when the NY session began. So there was no extension either way during the NY session. That says it all.
The USDJPY traded up from 108.92 to test the 100 hour MA and 109.09 fell back toward the 109.00 level where the 200 day MA is currently located. The 200 day MA and the 100 hour MA will help to dictate the bias in the new trading day. Stay bellow is more bearish. Move above is more bullish.
The AUD was the weakest currency of the day but it was only lower by 0.17% vs the USD. That reason is that the AUDUSD ran into support at the 100 day MA at 0.68462 and bounced. That MA will remain a key barometer in the new trading day.
In other markets today, although the US bond market was closed, the US stock market was open. If you recall, all 3 of the major indices closed at record levels on Friday. Today, the Dow was the only 1 of the 3 that could extend that string. The Dow closed up 10.25 points for a 0.04% gain, but it was good enough for a new all time record close. The S&P index fell -6.07 points or -0.20% to 3087.01. The NASDAQ index fell -11.036 points or -0.13% to a 8464.27. Both were well off the lows for the day, but because a close lower, it was not a new alltime record close.
In other markets:
- spot gold is trading down $-3 or -0.20% $1455.92
- WTI crude oil futures trading down $0.32 or -0.56% at $56.92
Good fortune with your trading in the new trading day..
