ForexLive Americas FX news wrap: Dollar grabs a strong bid

Author: Adam Button | Category: News

Forex news for North American trading on October 13, 2020:

Markets:

  • Gold down $28 to $1894
  • US 10-year yields down 4.5 bps to 0.73%
  • WTI crude oil up 78-cents to $40.22
  • S&P 500 down 22 points to 3511
  • NZD leads, GBP lags
A strong bid for the US dollar hit right across the board on Tuesday as risk trades faded. There wasn't a particular catalyst for the move as the newsflow was nothing surprising. Stimulus talks remain a mirage and Presidential polls are showing more of the same. The CPI report was in-line with expectations. Some pauses in COVID treatments certainly didn't help.

On Brexit, a French minister said in parliament that no deal was more likely and there are increasing calls for a nation-wide lockdown. It was the worst day for cable in three months as it fell 1%.

The commodity currency picture was more mixed with NZD shaking off the US worries, the loonie falling but buffeted by higher oil prices. AUD was the laggard on China coal export worries.

Gold was beaten up in a reversal of the recent gains to back below $1900. That selling didn't start until New York arrived.

Forex news for North American trading on October 13, 2020:
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