FX news for New York trading on November 7, 2017.
- OIL - private inventory data
- Dow ends with a small gain and new record close. S&P and Nasdaq end day lower.
- NZ data - ANZ New Zealand Truckometer (Oct.): +2.9% m/m (prior -1.5%)
- US consumer credit for September $20.83B vs. $17.5 billion estimate
- EURUSD traders try to base against October low
- US crude oil futures end the session marginally lower
- More BOC Poloz: No evidence of any de-anchoring of consumer expectations of inflation
- Bank of Canada Poloz: Trend line for potential output for Canada about 1.5% long-term
- Feds Quarles: Regulators must be careful in monitoring fin. sector risk
- US sells $24B 3-year note at high yield of 1.75%. Highest yield since April 2010
- BOC Poloz: Will be guided by incoming data to assess economic capacity
- European stocks end the session with losses. A snapshot of the markets as London exits.
- Bitcoin technical analysis: Bitcoin trades a little more bearishly
- US 10 year note tests 200 day moving average
- OPEC Sec Gen Barkindo: Talks underway for concensus on supply cut extension
- JOLTS job openings for September 6.093M vs 6.075M estimate
- New Zealand's global dairy trade auction prices down -3.5%
- Highlights from the OPEC World Outlook report
- The USD heads to the top of the major currency table. AUD is the weakest.
- UK's Baker says government Brexit assessments will be released within 3 weeks
- ForexLive morning news wrap: Euro slides again but it's all so steady still
In other markets a snapshot of the levels near the close of the day shows:
- Spot gold is down $5.76 or -0.45% at $1276
- WTI crude oil futures are down $.35 or -0.61% at $57.01
- US yields are mixed with a flatter yield curve. Two-year 1.6289%, +0.8 basis points. Five-year 1.9867%, +0.3 basis points. 10 year 2.3145%, unchanged. 30 year 2.7770%, -1.6 basis points. The 10 year yield tested its 200 day MA at 2.31% and is trading just above that level at the close
- US stocks ended mixed. The Dow closed at a record up 0.04% on the day. The S&P index fell -0.02%. The NASDAQ composite index fell -0.27%.
- European stocks ended mostly lower. German DAX down -0.6%. France's CAC down -0.48%. UK's FTSE down -0.6%. Spain's Ibex down -0.8%. Italy's FTSE MIB down -0.18%.
- European yields were lower in the 10 year sector.
The USD is in the day as the strongest currency, rising against all the major currencies on the day. However for the North American session, the currency gave back some of it's gains especially against the EUR, GBP, JPY and CHF.
It was higher marginally against the commodity currencies (CAD, NZD and AUD) during the session.
- The CAD weakened a bit on falling oil. Also BOC Poloz reiterated that the central bank will be cautious regarding future policy moves.
- The NZD drifted lower after the Global Dairy Trade auction results for the 2-week period showed a -3.5% decliine.
- The AUD - off the back of the RBA rate decision at the start of the day - wandered lower to test the swing lows from October 27th at 0.76245 (low reached 0.76268) before rebounding modestly into the close. Nevertheless, the AUD was the weakest currency today.
US data was again on the light side today.
- The US JOLTs data continued to show job growth remains the bright spot for the US economy - with job openings remaining near record levels and rising above expectations.
- US consumer credit rose by the most since November 2016 and above expectations. The rise may have been attributed to auto purchases on credit after the US hurricanes.
Fed's Quarles spoke about regulation. Chair Yellen received an award for ethics (well deserved) but did not comment on monetary policy, the economy or the recent nomination of Jerome Powell as the new Fed Chair come February.
The 3-year note auction was not a failure but not super. The yield was the highest since April 2010 and the bid to cover was less than the last auction (even at the higher yield). The US will auction off 10 year notes tomorrow and 30 year bonds on Thursday. Yields have been falling in those maturities of late.
