SubHeading Title Here
- Proposal to repeal Obamacare without replacement DOA
- Carney says today's figures consistent with BOE forecasts
- NAHB housing market index 64 vs 67 expected
- FXCM sued after canceling trades that netted $460,000
- US June import price index -0.2% vs -0.2% m/m expected
- Goldman Sachs Q2 revenue fails to meet expectations
- Nasdaq hits fresh record high
Markets:
- Gold up $8.50 to $1242
- WTI crude up 41-cents to $46.43
- S&P 500 flat at 2459
- US 10-year yields down 5.3 bps to 2.26%
- AUD leads, GBP lags
The US dollar took a hit in Asia and Europe after healthcare reform failed in the Senate. The selling continued early in New York trade but the dollar made a small bounce later.
The pairs that hit fresh multi-month extremes were: EUR/USD, AUD/USD, USD/CAD and cable before it reversed on soft inflation data.
EUR/USD busted above 1.1500 and hit a high of 1.1583 in late London trade but couldn't crack 1.16 and slowly slipped down to 1.1552.
The big story in Asia was the jump in AUD/USD above the 2016 highs on hawkish RBA talk. The pair peaked for the day at 0.7943 before North American traders arrived and it was a slow retracement down to 0.7919 from there. Still, that's nearly 120 pips on the day.
USD/CAD had been down by more than 100 pips as the pair hit 1.2581 but it bounced to 1.2660 before settling at 1.2623. Oil bounced around on talk of Saudi cutting exports.
Cable fell hard on the soft inflation data but Carney brushed it off and seemed to indicate the plan hasn't changed. GBP/USD climbed to 1.3050 from a low of 1.3005. Large bids are building at the figure.
USD/JPY was dragged down by falling US Treasury yields. The pair hit a low of 111.69 with extra selling hitting on the NAHB data. A fresh record in the Nasdaq helped the pair off the floor and to a close of 112.00.
