Forexlive Americas FX news wrap: Quiet Monday but nothing to derail stocks ahead

Author: Greg Michalowski | Category: News

Forex news for NY trading on January 13, 2020

in other markets

  • Spot gold is trading down $13.90 or -0.89% to $1548.45. That is just off the low for the day at $1546.55. The high reached up to $1561.17
  • WTI crude oil futures fell $1 or -1.69% to $58.04. The low for the day reached $57.91. THe high extended to $59.27
There was little in the way of economic data in the US apart from the budget statement which showed a deficit -$13.3 billion in the US (versus estimate of $-15 billion).  Canada released survey data on the business outlook 9 minutes early. Of course Adam was all over it. The survey came out weaker than expectations. The USDCAD was actually moving lower (down to  1.3030 - higher CAD) after the weaker data was posted to their website, but after the word started to work its way through the market,  the USDCAD started to move back higher. The high for the day reached 1.30617.

Fed's Rosengren and Bostic both spoke.  Rosengren said he expects inflation to rise to 2% and that he is keeping an eye on higher asset prices (more records for Nasdaq and S&P today), but is also watching trade and slower global growth risks.  As for Bostic, he is content to "sit back and let the economy evolve".  He is worried about persistant uncertainty and more specifically "weakening of consumer patterns", or "changes in business hiring and investment plans"

The stock market in the US closed higher and in the process the S&P index and NASDAQ index closed at record levels once again. As long as there is no downside momentum, buyers just continue to buy.

In the forex today, despite the gains in stocks (and modest gains in yields in the US), the CHF is ending is the strongest (no flight out of the safety of the CHF). The GBP and JPY were the weakest.  

Forex news for NY trading on January 13, 2020_

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