Forexlive Americas FX news wrap: Oil storms back, boosting CAD to one-month high

Author: Adam Button | Category: News

Forex news for North American trade on October 7, 2021:

Markets:

  • Gold down $7 to $1755
  • US 10-year yields up 4.5 bps to 1.57%
  • WTI crude up $1.40 to $78.83
  • S&P 500 up 36 points to 4399
  • AUD leads, JPY lags
It was looking like a bit of a dud day ahead of non-farm payrolls but equities and the FX market came to life, in part due to a big reversal in oil prices. The US put to bed some of the SPR talk from yesterday and crude impressively rebounded nearly $4 from the lows.

That turn weighed on USD/CAD, sending it to a one month low below 1.2550 and through some support near there.

AUD also tied up a nice day leading the way in a rally above 0.7300. There was some early back-and-forth in Europe before the decisive move higher.

As usual, sterling joined along with the commodity currencies as it erased most of yesterday's decline.

Higher yields helped to lift USD/JPY as that pair climbed to 111.60 from 111.40 in a 20 pip move.

The euro wasn't taking much of cue from anything as it consolidated around 1.1560.

Forex news for North American trade on October 7, 2021:
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose