ForexLive Americas FX news wrap: US stocks rally to another record

Author: Adam Button | Category: News

Forex news for North American trade on November 25, 2019:

Markets:
  • Gold down $7 to $1455
  • WTI crude up 19-cents to $57.96
  • US 10-year yields down 1 bps to 1.76%
  • S&P 500 up 23 points to record close at 3133
  • GBP leads, JPY lags
The theme was modest strength in yen crosses on Monday as risk trades improved on more hopeful talk regarding the US-China trade deal. USD/JPY hit a speedbump into options expiry but continued higher after a test of 108.80. It has so far failed to break 109.00 despite several attempts.

Cable rallied early in the day on the Conservative manifesto but took a quick 25 pip fall around the London close on a poll showing Labour just 7 points back. It has since recovered the loss in a return to 1.2900.

The commodity currencies were caught in the US dollar bid and slumped early in the day. AUD/USD fell to a low of 0.6768 and that's slightly below the mid-November low but didn't trip any meaningful stops. Keep an eye on the chart with some RBA talk to come.

USD/CAD ignored the economic data and rose to 1.3219 on early oil weakness and USD strength but failed to break the Nov high of 1.3328 and then backed off to the figure.

Overall, it was a bit of a grind in the market as we continued to play the waiting game on US-China trade.

Forex news for North American trade on November 25, 2019:
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