ForexLive Americas FX news wrap: US dollar grinds higher
Forex news for New York trading on July 15, 2019:
- US July Empire Fed +4.3 vs +2.0 expected
- Mnuchin says Treasury has growing concerns about crypto money laundering and Libra
- Trump: China's Xi is a friend, probably 'not quite' as close now
- Airbus braces for $7 billion US tariff hit
- Facebook says Libra will not be offered until regulatory concerns 'fully addressed'
- Symmantec and Broadcom end deal talks - CNBC
- Canada June existing home sales -0.2% vs +0.1% expected
- US retail store closures are on track for a record
- Fed's Williams industry can't wait on Libor shift
- Citigroup Q2 earnings beat estimates
- Gold down 60-cents to $1415
- WTI crude down 82-cemts to $59.40
- S&P 500 up 0.5 points to 3014
- US 10-year yields down 3.5 bps to 2.09%
- NZD leads, GBP lags
The Empire Fed was a bit better than expected but it was more of a case of USD flows propping up the currency than the economic data. Some dollar buying hit ahead of the London fix but reversed afterwards. Later in the day the dollar crept higher.
The euro and pound were particularly soft in European trading to start the week. The euro slid to 1.1254 while the pound hit 1.2510 with both lows coming before London went home for the day.
There was action later in the day in CAD as oil weakness boosted USD/CAD to 1.3050 from 1.3020.
On the flipside, the Australian and New Zealand dollars remained upbeat ahead of data today on kiwi inflation and the RBA Minutes. Both finished near the highs of the day and shook off soft China GDP earlier.
USD/JPY chopped mostly slidways around 107.88 in repeated tests of Friday's lows that never broke.