Forex news for New York trade on September 26, 2017
- Fed's Yellen: Uncertainties strengthen case for gradual rate hikes
- Yellen: Fed should be wary of moving too gradually
- Verbatim: Selected quotes from Yellen's speech
- US August new home sales 560K vs 585K expected
- US Sept Conference Board consumer confidence 119.8 vs 120.0 expected
- Richmond Fed manufacturing index (September) 19 vs 13 estimate
- Canada fin min: Canada can continue to do well with CAD at these levels
- Fed's Bostic: Says he's pretty comfortable with December hike
- Trump: We will double the standard deduction and increase child tax credit
- Bostic Q&A: We expect inflation to return to 2%
- Republican tax plan would raise lowest individual tax rate to 12% from 10% - report
- Fed's Brainard: No comment on outlook for policy
- Citi warns that the oil market is tighter than it looks and could squeeze higher next year
- Chairman and CEO of Equifax quits
- S&P Case Shiller July US 20-city house price index 5.81% vs 5.7% y/y expected
- US Commerce Secretary Wilbur Ross says tone "pretty good" between China-US
- Philadelphia Fed non manufacturing index 33.2 vs 31.8 last
Markets:
- Gold down $15 to $1295
- WTI crude down 30-cemts tp $51.92
- US 10-year yields up 1.4 bps to 2.23%
- S&P 500 flat at 2496
- Canadian dollar leads, New Zealand dollar lags
Newsflow was steady ahead of Yellen's speech but nothing got the market moving. Eventually Yellen's headlines hit early on one newswire and they had a dovish slant, but a second newswire presented them differently and with a hawkish slant. That led to a whipsaw in the US dollar but it eventually went higher. Not long after, the gains faded and the market decided it had learned nothing new from Yellen.
USD/JPY touched 112.48 before fading back to 112.21 in a half-cent gain on the day.
EUR/USD is tracking out an ugly pattern and was more the topic of technical talk, but the German election continues to reverberate.
Cable sagged down close to 1.34 on two occasions but couldn't break through and ticked back to 1.3455 late.
The big headline on the day turned out the be Morneau, as he sent USD/CAD 60 pips lower to 1.2342 from 1.2400.
In the bigger picture, the North Korea worried faded as they always seem to do after 24 hours. Gold completely erased Monday's gain.
