Forex news for NY trading on September 23, 2019.
- US stocks end the session with mixed results as indices lose steam into the close.
- UK, Germany, France say its clear Iran was responsible for the attack on Saudi oil facility
- Fed's Daly: The economy is in a good place
- Fed's Daly: US growth being propelled by consumers
- What are the risks around the UK Supreme Court ruling?
- Bullard says it's not completely clear that repo volatility was a result of shortage of reserves
- Bullard: Dissents reflect high uncertainty at Fed about to assess economy
- UK's Johnson: Time to do a new nuclear deal with Iran
- Fed's Bullard: Insurance rate cut may help re-center inflation
- UK Labour Brexit chief Starmer: Brexit must be put to voters to avoid impasse
- Gold briefly climbs above the Sept 12 high. Silver up 3%
- European equity close: Stocks sour on poor PMIs
- US recommends Treasury trading volume statistics
- Fed's Williams: Volatility in repo rates showed markets not effectively distributing liquidity
- US September prelim manufacturing PMI 51.0 vs 50.4 expected
- Draghi Q&A: Growth outlook has been constantly deteriorating
- Iran's Zarif says meeting with Trump isn't possible at this time
- Draghi: Eurozone growth momentum has slowed markedly
- Barnier: Right now we have no basis for a deal but we will continue to talk
- August Chicago Fed national activity index 0.10 vs 0.00 expected
- Canada July wholesale trade sales +1.7% vs 0.0% expected
- The NZD is the strongest while the GBP is the weakest as NA traders enter for the day
In other markets, a snapshot near the close is showing:
- Spot gold rose $5.70 or 0.37% $1522.67. The high extended to $1527. The low fell to $1507.
- WTI crude oil futures rose $0.41 or 0.71% at $58.50. The low reached $57.37. The high extended to $59.39.
In the US stock market, the major indices open lower, rebounded into the black after ok Markit manufacturing data, but ran on steam into the close and ended the session with mixed results. Below is a summary of the range of the major indices in North America and Europe. The European markets ended lower after weaker PMI data.
In the US debt market, yields fell in early trading but moved back higher and are near unchanged levels. The two year yield is down -0.6 basis points, while the 10 year is unchanged. The 2-10 year spread widened by a modest o.6 bps on the day.
In the forex, the GBP and EUR were the weakest of the majors, while the NZD was the run away strongest.
For the EUR and the GBP, the weakness from the PMI data, but the US session saw more up and down price action that took the price off session lows (mostly).
For the EURUSD, the low in the London morning session extended down to the 1.0965 level twice. In the NY session the lowest the pair could reach was 1.0979. the high stayed below 1.1000. So the NY session could only muster a 20 pip range for the NY session. The pair is going out at 1.0993. A move above the 1.1000 level would be a further step in the bullish direction in the new day, Failure to do so, could see the low revisited.
For the GBPUSD, it tradeed to a NY session low at 1.2412 and tried to move away from the 200 hour MA at 1.24402. The high for the NY session did briefly move above the 200 hour MA at 1.2443 but came back down. The pair is going out at 1.2431. A move above the 200 hour MA in the new day would be more a tilt more to the upside if it can be maintained.
The USDJPY was another currency pair that traded in an up and down 20 pip range in the NY session. The low reached 107.34. the high extended 107.54.
The USDCAD was a bigger mover as the loonie was supported by stronger Manufacturing sales (+1.7%). That helped to weaken the USDCAD. The pair fell below its 100 day MA at 1.32578 in the process.
