ForexLive Americas FX news wrap: Dollar starts the week strong

Author: Adam Button | Category: News

Forex news for North American trade on June 29, 2020:

Markets:

  • Gold up $1 to $1772
  • WTI crude oil up 98-centos to $39.47
  • US 10-year yields down 1 bps to 0.633%
  • S&P 500 up 35 points to 3044
  • EUR leads, CHF lags
The market was poised for a positive, risk-on day early but after the stock market opened, the bottom fell out. The S&P 500 then tagged 3000 before technical buyers stepped in. After that, the rally gained further on the home sales data and Florida COVID cases, even though the latter was almost-certainly related to weekend effects.

The other effect likely in play was month/quarter-end as flows dominated. That helped to underpin dollar demand in New York and led to a sharp fall in GBP and a turnaround in the early big gains for the euro.

Commodity currencies were more restrained and finished close to flat.

USD/JPY remains a flow-driven mess that doesn't respond to fundamentals or headlines. Look for more of the same until the calendar turns and we get past the US holiday.

Forex news for North American trade on June 29, 2020:

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