Forex news for North American trading on October 11, 2021
- US stocks close near session lows
- A look ahead to North American tomorrow's data and events
- WTI crude oil futures settle at $80.52
- S&P moves back below its 100 hour moving average
- ECB Stournaras: Those looking for a rate hike are probably in a hurry
- Jamie Dimon: Bitcoin is worthless and government regulation is coming
- White House says it stands by calls to OPEC+ to do more
- European equity close: Late-day improvement but uneven trading
- It's dawning that there are no quick fixes for supply chains
- First sign of a crack in OPEC?
- US employment trends index 110.35 vs 110.68 prior
- Bitcoin passed the test, now it passes $57,000
- ECB's Lane: We are in an early stage of an energy shock
- Forexlive European FX News 11 Oct: JPY weakness sends the USDJPY higher to 113
The US and Canada both had holiday's today. The US in observance of Columbus Day and Canada for Thanksgiving. The US holiday was a quasi holiday in that the postal and government offices were closed and with it the US bond market, but the US stock markets were open.
The US major stock markets traded higher early in the session, but started to reverse lower and closed at/near session lows. The Dow was the worst performer with a decline of -2.50%. The Nasdaq was relatively better but still closed lower by -0.64%. Both those indices traded up 0.59% at session highs.
Hurting stocks today was 7 year highs in the price of crude oil. The price of the active contract traded as high as high as $82.17. That took the price up $2.82 or 3.55% at the high. The price did come off and trades at $80.47 currently which is good ways off the high but still up 1.41% on the day.
In the forex market, the USDJPY moved above the 2020 highs from February at 112.22, and then the April 2019 high price at 112.389. That took the price of the highest level since December 2018 and gave the buyers another reason to buy technically. The USDJPY price rise did not stop until reaching 113.408. The low corrective price after the high reached 113.268. The current price is trading at 113.323. Buyers are in control and running.
Overall the JPY was the runaway weakest of the majors today with declines of -0.81% (vs the NZD) to -1.55% (vs the AUD) vs the majors. The USDJPY saw a price change over over 1% (1.02%). The AUD was the strongest of the majors today.
Apart from the changes vs the AUD an the JPY, the greenback had relatively modest changes of 0.04% and 0.15% vs the other major currencies.
Tomorrow the JOLTs job openings will be released. Feds Clarida will also be speaking. The U.S. Treasury will auction off both three and 10 year notes at 1 PM ET. The US bond market will be open once again.
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