Forex news for NY trading on April 22, 2019
- The broader US indice end the session higher. Dow falls.
- AUDUSD traders will come back with the pair below the 100 day MA
- Crude oil futures settle at $65.70
- Bitcoin keeps the bulls more in control
- FT: UK Conservative Party activist to hold summit for vote of no confidence in PM May
- US sees no need to tap the strategic petroleum reserves: Admin official
- Pres. Trump will not nominate Herman Cain to Federal Reserve
- Iran in "intensive" talks with partners as US to end waivers
- A 'powerful backbench figure' will demand Theresa May resign tomorrow - report
- Brent crude takes out a big level on Iran sanctions news
- US March existing home sales 5.21m vs 5.30m expected
- Saudi Arabia oil minister: We will work with others to ensure oil supply
- Pompeo confirms no exemptions on Iran oil exports
- Saudi Arabia willing to compensate for lost Iran crude but unsure how much - report
- Chicago Fed March national activity index -0.15 vs -0.29 prior
- The CAD is the strongest while the AUD is the weakest.
- US equity futures point to softer open in post-Easter trading
in other markets, the snapshot is showing:
- Spot gold is trading near unchanged at -$0.44 or -0.03% at $1274.97
- WTI crude oil is up $1.70 or 2.66% at $65.70 (more on crude later)
In the US stock market, the broad indices were higher. The Dow fell:
- S&P up 2.94 points or +0.10% at 2907.97
- Nasdaq is up 17.205 points or 0.22% at 8015.26
- Dow is down -48.49 points or -0.18% at 26511.05
The US debt market saw yields move higher with the yield curve steepening. The 2 year rose 0.4 bps today. The 30 year rose 2.7 bps. Below is the summary of the changes across the yield curve:
The markets were for the most part very quiet. Europe and Canada was off for Easter Monday. The US market was open, however, and the biggest news piece was Pres. Trumps announcement that the US would end the Iran sanction waivers. Those wavers will expire on May 2. The sanctions will impact China and India, the top two importers of Iranian crude. As a result, the price of crude oil prices jumped to a six-month high to $65.70, or up 2.66%.
In the forex market, the greatest impact was vs the CAD. The loonie was the largest gainer of the day, risinig vs all the major currencies. Meanwhile the AUD was the weakest (see the chart below). The USD was mixed. Apart from the green backs rise vs the CHF (up 0.13%), the AUDUSD (up 0.25%) and decline vs the CAD (-0.29%), the other major currencies changes vs the USD were less than 0.10% on the day. That is not a lot of action.
For the USDCAD, it fell below the 100 and 200 hour MAs in the NY session at 1.33598 and 1.33553 respectively and fell to a low of 1.3334. That was just short of the 100 day MA at 1.3329. The pair moved up into the close and settled at 1.3345.
Looking at the ranges and changes charts for the day (see charts below), the limited price action can be seen. Looking at the lower chart below, the largest range was 58 pips. The rest saw the EURUSD and GBPUSD manage to extend to 26 pips (the were at 16 and 17 pips at the start of the day). The USDCHF got to 29 pips (was 19 at the start). The USDJPY could not extend its 14 pips range that confined the range at the start of the NY session. That is pretty non-trending for the day.
Hope springs eternal that the sugar high from the Easter weekend, will fade into the new day and we can get back to more normal trading.
