ForexLive Americas FX news wrap: Conflicting economic reports

Author: Adam Button | Category: News

Forex news for New York trading on June 5, 2019:

Markets:

  • S&P 500 up 23 points to 2826
  • WTI crude down $1.73 to $51.75
  • US 10-year yields down 1 bps to 2.12%
  • Gold up $4 to $1329
  • NZD leads, AUD lags
Wednesday's trade was quiet once again in Asia and early Europe but lively once the US arrived. The worst ADP employment report in 9 years sparked a round of fear and USD selling but it was halted quickly on skepticism about volatile jobs reports. Then a stronger ISM report reversed the move and the dollar finished higher against everything but the kiwi.

A rout in oil prices and uncertainty in stock markets along with more Fed comments made for a lively session. Optimism about a US-Mexico deal is mounting but that will be a factor in the hours ahead as talks wind down for the day.

EUR/USD rose as high as 1.1306 before reversing to close at the lows of the day near 1.1225.

USD/JPY touched the lowest since early January after the ADP data but also reversed more than 60 pips on the day to finish at 108.42.

Cable tried to rally early in US trade but finished down a dozen pips on the day.

The Canadian dollar finally wilted under the weight of falling oil prices and that boosted USD/CAD to 1.3418 from a low of 1.3363. Oil sank after another huge build in US inventories and hit $50.60 before a $1.10 bounce in the second half of the day.
Forex news for New York trading on June 5, 2019:
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