Forex news for North American trading on May 17, 2018:

Markets:

  • Gold flat at $1291
  • WTI crude up 6-cents to $71.55
  • US 10-year yields up 1.5 bps to 3.11%
  • S&P 500 down 2 points to 2720
  • GBP leads, JPY lags

The action was limited in part due to a quiet economic calendar. EUR/USD chopped in a tightening range to finish just below 1.18 and cable followed a similar path to 1.35.

USD/JPY was the bigger story as US long bonds climbed to 3.25%, breaking a major triple top before settling just underneath the key level. That helped USD/JPY to a high of 110.86 in the second day above the 200-day moving average. Still, most of the gains came before New York arrived.

USD/CAD climbed higher but only modestly as it consolidates around 1.2800.

AUD/USD couldn't hang onto the jobs-report gains and settled near 0.7510.

In the bigger picture, concerns about trade were a drag on the US dollar after Trump called China "very spoiled on trade" as top officials from China and the US meet to try to find a way to improve trade.