Forex news for New York trade on April 26, 2021:
- March prelim durable goods orders +0.5% vs +2.5% expected
- White House adviser Deese says Biden aims to equalize treatment of ordinary income and capital gains for top earners
- OPEC+ will press on with plans to hike production - report
- US sells 2-year notes at 0.175% vs 0.171% WI
- Dallas Fed April manufacturing index 37.3 vs 30 expected
- Iran president says "significant progress has been made" on nuclear deal negotiations
- Belgian April business confidence +4.4 vs -1.0 prior
- ECB's Panetta: We should avoid withdrawing support until the output gap is closed
Markets:
- Copper hits 9-year high
- WTI crude oil down 21-cents to $61.94
- US 10-year yields up 1 bps to 1.57%
- S&P 500 up 6 points to 4188
- Gold up $4 to $1781
- AUD leads, JPY lags
As New York rolled in there was a theme shaping up of US dollar buying, particularly against the euro and sterling, which were both at the lows of the day.
The durable goods report was on the soft side and that halted the rise in Treasury yields. Still, it didn't halt the drop in the euro, which extended to 1.2061. From there though, it found a bid and recovered to 1.2090, which is flat on the NY session.
Cable was similar but bottomed earlier at 1.3865 before battling its way back.
The stronger directional moves were in commodity currencies and yen crosses. AUD was on top with the loonie close behind. USD/CAD had been modestly higher early but made a strong move down through last week's low to break 1.2400 and eventually fall to 1.2387. The AUD/USD bid was more consistent in a grind to 0.7800. Watch last week's high of 0.7816.
