Forex news for US trading on November 8, 2017:


  • Gold up $6 to $1281
  • WTI crude down 41-cents to $56.79
  • US 10-year yields up 1.4 bps to 2.32%
  • S&P 500 up 4 points to 2594
  • NZD leads, GBP lags

There was talk the RBNZ could take out any hint of hikes in 2019 forecasts, instead they moved up the timeline for hiking by a quarter and that sent the New Zealand dollar a quarter-cent higher to 0.6950.

Otherwise, the pound was a big mover before New York trade after cabinet minister Priti Patel's trouble and resignation in another sign of strain on May's government. The regular Brexit worries and lack of progress on talks hurt as well. Cable fell as low as 1.3087 but tracked back to 1.3118 after London closed up shop.

EUR/USD made a pair of lower lows on the intraday chart but the 2-3 pip dips below the lows had no follow through. So it was a chop around 1.1600 throughout the day.

USD/CAD had a negative bias. A few of the twists and turns were driven by oil. A bearish inventory was met by a dramatic round of buying and WTI hitting $57.92 but the gains faded. USD/CAD headed towards 1.2750 in early trade but skidded back down to 1.2722 to finish near a session low.

AUD/USD trading was bland around 0.7680 and barely budged on the RBNZ news.

The day ahead is a big one for US tax reform so that should add a dose of volatility.