ForexLive Americas FX news wrap: Cable touches 1.2950. Gold rebounds

Author: Adam Button | Category: News

Forex news for North American trading on July 28, 2020

Markets:

  • Gold up $16 to $1958 after falling as low as $1907
  • WTI crude down 66-cents to $40.94
  • US 10-year yields down 4 bps to 0.5757
  • S&P 500 down 18 points to 3220
  • GBP leads, NZD lags
The pound was the standout performer on the day but the gains came in Europe and very early North American trading on strong retail sales data. The gains continued into the London fix and a high of 1.2953. The pair tried that level a few more times in the US afternoon but couldn't break it and retreated back to 1.2929.

The euro has been a big story in the past two weeks but it retreated in Asia and then flat-lined 20 pips either side of 1.1720.

USD/JPY was weak again as Treasury yield fell. The close in the 10-year was the lowest since April 22 as it sagged to 104.96 from 105.60, mostly in Europe but bottoming in New York before finishing just above the figure.

USD/CAD was one of the more-lively trades on the day in large part because of some volatility in risk trades and oil. A pair of forays above 1.34 were beaten back before a dip to 1.3350 in the US afternoon. However at day's end we're back to 1.3374, which is up 18 pips on the day.

Gold and precious metals remain a major theme. Gold impressively rebounded from the Asian turnaround and at one point silver even erased the 6%. It's rounding out a wild day down about 0.9%, with gold up by the same margin.
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