ForexLive Americas FX news wrap: US dollar stumbles, gold shines

Author: Adam Button | Category: News

Forex news for US trading on January 2, 2018

Markets:

  • Gold up $14 to $1317
  • WTI crude flat at $60.39
  • S&P 500 up 19 points to 2692
  • US 10-year yields up 5 bps to 2.46%
  • GBP leads, USD lags

The dollar slid to start the year but most of the damage was done before New York arrived. The big mover was cable after some positive PMIs and reports of a May cabinet shuffle. GBP/USD started at 1.3550, dipped 10 pips and then slowly climbed to 1.3600, finishing at the best levels of the day.

The euro peaked before the US session at 1.2081 and slid into the London fix, hitting 1.2080 but it got a second wind late and hit 1.2060.

Economic news and data wasn't a factor except for the report about Peter Thiel adding $25 billion to Bitcoin in a move more than $1000 higher to $14880.

A round of selling hit USD/CAD into the London fix as it fell to 1.2500 but not a pip lower as bid there held. It was a quick fall from 1.2540 at the London fix.

Commodities were broadly strong but gold was the big winner as it climbed $16 in a continuation of the 8-day winning streak to close out 2017. Note that gold is a very strong seasonal trade to start the year.

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