Forex news for March 6, 2017:


  • Gold down $8.50 to $1226
  • WTI crude down 12-cetns to $53.21
  • S&P 500 down 8 points to 2375
  • US 10-year yields up 1 bps to 2.49%
  • JPY leads, NZD lags

The US dollar took a minor leg down as US traders arrived, then stabilized and began a slow grind higher. The moves were slow and limited as the market resets and repositions ahead of the Fed.

USD/JPY dipped to 113.65 early in New York and then slowly climbed to a high of 114.14, in part because of a recovery in stock markets after a poor start. But the enthusiasm ebbed late to finish at 113.90.

The euro was locked in narrow range from 1.0580 to 1.0600. There was some early selling on French political intrigue but it couldn't capture the market's imagination.

In CAD, AUD, GBP and NZD, the market has now recovered from all the US dollar selling on Friday. Cable finished the day a half-cent lower but has found some small bids ahead of 1.2225 so we'll keep a close eye on that level in the hours ahead.

USD/CAD gained a quarter-cent on the day to finish near 1.3400. It traded inside Friday's range with oil flat as well.

The Australian dollar will be in focus as the RBA decision drops in the day ahead. It made two forays to 0.7610 but failed and created a minor double top in the progress. Broad USD buying pushed the pair down to 0.7580 late.

Note that Trump has fired up his tweeting-machine again and also that he doesn't know the difference between principles and principals.