Forex news for NY trading on October 14, 2019.
- US crude oil futures settles at $53.59
- Political news: Rumblings that Michael Bloomberg could still throw his hat in the ring
- Global Times Editor: China will live up to ag. commitment
- US poised to impose sanctions on Turkey as early as Monday
- European shares end the day with mixed results
- US stocks are open with modest declines
- More BOE Cunliffe: Personally, he would not want negative rates in the UK
- BOE Cunliffe: Monetary policy is not powerless...but
- The CHF is the strongest, while the GBP is the weakest as NA traders enter for the day
In other markets:
- Spot gold is up $2.91 or 0.20% at $1492
- WTI crude oil futures are down $1.24 or -2.27% at $53.46
- Bitcoin on Coinbase is trading up $85 at $8349.09. Remains below its 200 day moving average which sits higher at $8704.47. Today is the 19th day at the price has closed below its 200 day moving average
Today was Columbus Day in the US and Thanksgiving day in Canada. For the US, it was a partial holiday in that government offices were closed. So there were no economic releases. The government bond market was also closed. However, the US stock markets were open and of course the forex (the forex never sleeps). Price aciton in the NY session was somewhat contained.
In the US stock market the major indices closed marginally lower
- The S&P index fell -4.12 points or -0.14% in 2966.15
- The NASDAQ index fell -8.391 points or -0.10% at 8048.64
- The Dow Industrial average fell -29.23 points or -0.11% at 26787.36
A snapshot of the forex market is showing the USD is the strongest overtaking the CHF and the JPY from the start of the NY trading session. The GBP remained the weakest of the majors for the entire session as Brexit concerns returned over the weekend as EU officials are enamored with the new Brexit plan from PM Johnson.
EURUSD: The EURUSD is trading at 1.1022 into the close. The risiing 100 hour MA comes in at 1.1005. The 1.0997 to 1.1001 are swing levels on the daily and hourly chart. Stay above that area is bullish for the pair. On the topside, the NY session high stalled ahead of the Thursday ceiling from last week. Look for more momentum above that level on a break.
GBPUSD. There was a decent low to high trading range in the GBPUSD in the NY seession. The pair started the session near the lows and in the process, near the 38.2% of the sharp move higher from last week's trading at 1.125107. That support retracement level stalled the fall, and the pair ran higher. The high actually took the pair all the way up to the 1.2650 (140 pips). The limited liquidity from the semi holiiday day may have been a contributor to the sharp move higher as news was not exactly streaming across the news wiires. As fast as the price moved higher, it rotated lower and is ending below the high from last Tuesday's trading at 1.2581. Watch that level for resistance in early trading. If it can keep a lid on the pair, a rotation back lower - and through 1.2510 and 1.2500 - will be eyed.