ForexLive Americas FX news wrap: Johnson to ICU; risk trades rip

Author: Adam Button | Category: News

Forex news for North American trading on April 6, 2020:

Markets:

  • US 10-year yields up 7.3 bps to 0.67%
  • Gold up $45 to $1665
  • WTI crude down $2.10 to $26.25
  • S&P 500 up 175 points to 2663
  • AUD leads, JPY lags
Late in the day we got a report from Fox Business about a $1.5 trillion stimulus package that was leaked to Wall Street executives by Congressional leaders. That helps to answer the question about who was buying risk assets all day.

Despite the steady rally in stocks, the commodity currencies only got a modest boost. For CAD, that was all about the decline in oil and the game of chicken ahead of Thursday's OPEC meeting continues. USD/CAD climbed above 1.4150 briefly but fell back to 1.4100 at the close.

The main market-moving headline came from the UK where Boris Johnson was moved to the ICU and that sent cable quickly 80 pips lower before a small recovery.

USD/JPY also refused to fully embrace the risk trade as it climbed to 109.15 from 109.00 in North American trade. The range was narrow.

A bigger directional move came in gold as a steady bid boosted it to $1664 in a $40, one-way move.

Forex news for North American trading on April 6, 2020:
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