Forexlive Americas FX news wrap: USD ends the day lower but up off lows.

Author: Greg Michalowski | Category: News

Forex news for NY trading on February 13, 2018

A snapshot of other markets is showing:

  • Spot gold up $6.89 or 0.52% at $1329.72
  • WTI crude oil futures are down -$.38 or -0.64% at $58.90
  • Bitcoin is trading down $139 at $8680
In the US stock market today, prices rose modestly. The major indices are now up 3 straight days
  • S&P rose 6.94 points or 0.26% at 2662.94
  • NASDAQ rose 31.547 points or 0.45% at 7013.51
  • Dow industrial average rose 39.18 points or 0.16% at 24640.45
In the US debt market today, yields ending mixed with the yield curve flattening.
  • 2-year 2.106%, up 3.0 basis points
  • 5-year 2.545%, down -1.3 basis points
  • 10 year 2.833%, -2.5 basis points 
  • 30 year 3.116%, -2.7 basis points
The US dollar is ending the day down with declines vs the JPY (-0.81%), EUR (-0.50%), CHF (-0.46%), GBP (-0.40%) leading the declines. The greenback did rise modestly vs the CAD (+0.14%) and the AUD (+0.04%).  In the NY session, the up and down trading saw some of the declines erased.  The changes from the start of the day were somewhat modest.

Let's face it, the day was once again void of any economic news.  Trump talked about trade, and tariffs.  A little surprise were comments from Fed's Powell at his swearing in ceremony as the new Fed chair.   He said that the Fed "will remain towards any financial stability risks" and that the Fed is in the process of "gradually normalizing" rates.   He also said that the Fed is "making great progress in moving much closer to the statutory objectives" of full employment and the inflation target.  

The market is expecting the first major comments from Powell toward the end of the month when he will testify in front of both houses of Congress.  

A contributor to the somewhat quiet day, is the anticipation of what is ahead in the new trading day. On the schedule includes:
  • German preliminary GDP
  • EU Flash GDP 
  • US CPI
  • US retail sales
  • US crude oil inventories
Later in the US evening tomorrow, the Australian employer report will be released (7:30 PM ET/0030 GMT).  That data - especially the US data - has the potential to push interest rates, stock markets and the forex market around (CLICK HERE).  Tonight, New Zealand will release quarterly inflation expectations for the Q1.  

The strongest currency today was the JPY. The weakest was the CAD.   The Canadian NAFTA negotiator did not paint a positive picture regarding the trade agreement negotiations. 


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