Forex news for North American trading on July 20, 2018: Markets: – Gold up $8 to $1231 – WTI crude up $1.00 to $70.46 – S&P 500 down 3 points to 2801 – US 10-year yields up 6 bps to 2.89% Canadian economic data was on the agenda and it delivered a positive surprise that…
Little changed on the week In an up and down day, the major indices are ending the session in the red, with modest (near unchanged) levels. The Dow and S&P had first 2 day losing streak in July but in reality today was hardly a down day (although it did give up earlier gains).
Ratings news Other ratings news – Austria outlook raised to positive from stable by Fitch – France affirmed at AA by Fitch
G20 draft obtained by Bloomberg G20 says they appear to be making progress on a statement. It’s rare that these have any kind of effect on markets. ForexLive
Commitment of traders report for the week ending July 17 – EUR long 21K vs 24K long last week. Longs trimmed by 3K. – GBP short 38K vs 40K short last week. Shorts trimmed by 2K
10 year yield tests 100 day MA as the yield curve steepens. The US yields are up in trading today with the yield curve steepening for a change. The comments from Trump and Fed’s Bullard have helped.
The September contract becomes the front contract next week The WTI crude oil futures are settling the day at $70.46, up $1.00 on the day and 1.44%. The August contract is now settled. The September contract will be the official front contract on Monday.
Fear about more tweets? The President isn’t very popular with US dollar bulls in the past two days. In back-to-back attacks on the Fed, rates and even dollar strength itself, Donald Trump has hurt the currency.
More Trump helping CNBC is now saying that Pres. Trump is worried the Fed will hike twice this year. His advisors say that the Fed is doing the right thing, but that does not always work in curbing the President’s conviction.
Below an old swing area after waffling above and below this week Adam posted that the CHF is the strongest of the major currencies vs. the USD. The pair closed a week ago around 1.0015. The price is down at 0.9945. That is not a heck of a lot of pips but it was enough…