Olympics

Markets:

  • Gold up $14 to $1821
  • US 10-year yields down 2 bps to 1.91%
  • WTI crude oil down 89-cents to $92.77
  • S&P 500 down 21 points to 4487
  • CAD leads, EUR lags

We've gotten used to a break-neck pace of trading in markets this year and that made today's price action feel like a decided let down but there was still some decent movement.

USD/CAD finishes down nearly a full cent on the day as the market reversed Friday's jobs move. There wasn't a clear catalyst for that price action but the US dollar was generally soft and commodity currencies strong. Some of that comes down to bond yields , which took back a bit of Friday's big rise. We'll have to wait until Thursday to see if that lasts.

AUD/USD climbed 42 pips to 0.7120, also clawing back most of Friday's decline. China returned from lunar new year holidays today with a 2% rise in Shanghai shares in a sign of solid sentiment and a catch-up trade. Reports on Chinese holiday spending were soft but that was already expected.

The trio of the euro, yen and pound finished little changed. There was some euro selling on comments from Lagarde that highlighted a more transitory scenario.

FX news wrap dial