Forex news for New York trading on November 27, 2017
- US October new home sales 685K vs 625K expected
- Trump says tax bill likely to have bipartisan support
- Republican Senator Steve Daines is a 'no' on the tax bill but optimistic about changes
- US sells 5-year notes 2.066% vs 2.065% WI
- Fed's Kaplan: Sees job market increasingly overheated in the months ahead
- Mexican finance minister Meade resigns
- German minister says ready to take countermeasures if US imposes steel tariffs
- November Dallas Fed manufacturing activity 19.4 vs 24.0 expected
- BOE's Haldane: Economists need to help improve public trust and understanding in field
- Israeli central bank leaves rates at 0.10%
- SPD leader Schulz: No one can say where Thursday's discussions will lead
- Merkel says she takes on board FDP view that 3-way coalition will not happen
- OPEC's Barkindo says determination and hard work in oil supply cuts are paying off
Markets:
- S&P 500 down 1 point to 2601
- WTI crude down $1.08 to $57.87
- US 10-year yields down 1 bps to 2.33%
- Gold up $5 to $1292
- NZD leads, CAD lags
It was a slow news day to start a busy news week.
The theory last week was that the US dollar was slumping because of a lack of liquidity from New York. That bore out with the dollar generally bid, but not substantially in most cases. Either that or strong home sales and some constructive comments from Harker led to the bid.
EUR/USD rose as high as 1.1961 but sagged below 1.1900 in the late stages of the day.
Cable also climbed to a fresh seven week high at the start of US trading only to fall 60 pips to 1.3320.
The Canadian dollar suffered on softness in oil and that helped to boost USD/CAD to 1.2763, up from just below 1.2700 early in the session.
AUD/USD made a 40 pip trip higher in Europe only to give it all back in US trade to finish 12 pips lower on the day at 0.7604.
Meanwhile, the yen remains the hottest thing in FX as it climbed against everything but the kiwi. USD/JPY was steadily sold down to 110.84. Headlines on North Korea missile launch preparations weighed.
