ForexLive Americas FX news wrap: Pound perky as data overshadows politics
Forex news for Americas trading on September 9, 2019
- US July consumer credit +$23.3 vs +$16.0 expected
- Hu Xijin: It's Washington that's nervous about the economy, not Beijing
- Saudi Arabia plans to list just 2% of Aramco over next two years
- Bercow says he will stand-down as speaker
- Queen gives royal assent to bill that blocks no-deal Brexit
- German considers adjusting budget if necessary
- Mnuchin: Trump admin will consider tax cuts next year
- Gold down $7 to $1500
- WTI crude oil up $1.49 to $58.01
- US 10-year yields up 7 bps to 1.63%
- WTI crude oil up $1.48 to $58.00
- GBP leads, CHF lags
News flow was light to start the week with the Fed and ECB both in the quiet period and the economic calendar essentially empty. Earlier UK GDP beat estimates and that added another leg of strength to cable. It consolidated that in NY trading in a chop to 1.2350.
The dollar was generally a bit stronger late in the day as it staged a small comeback. USD/JPY rose to 107.20 and finished near the highs of the day as Treasury yields ticked higher.
The most market-moving headline of the day was Germany floating an infrastructure and green investment plan and a deficit to do it. That helped to boost EUR/USD to a high of 1.1068 before it sagged back to 1.1050 late.
The loonie was a bit of a disappointment given the momentum and today's jump in oil prices. USD/CAD fell to 1.3139 at the lows but bounced about 30 pips late to finish essentially unchanged. The Aussie and kiwi finished with small gains but off the highs.