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).
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.
Break technical levels and run.
Fed's Bullard is
dovish and Pres. Trump doubles up on the things he said yesterday including
questioning the Fed's raising rates and a stronger dollar (weaker foreign currencies - read the bottom one first)
USD/CAD touches a low of 1.3238 on the day
Oil is trading at the highs for the day now with WTI crude up 1.43% to $70.45 while Brent is up 1.16% to $73.42. That has put a bid on the loonie which is advancing against the dollar to lows of 1.3238 currently.
GBP/JPY staying calm for the moment after a dip at the start of the day
The lows today tested support from the 9 July low and that helped to stall declines seen in the Asian session earlier. Since then, the pair has been holding steady above the 146.00 level after briefly moving towards a test of the support level mentioned earlier when .
GBP/USD falls back towards the figure level
The upside overnight saw the highs stalled by the 28 June support-turned-resistance level near 1.3350 with the 23.6 retracement level @ 1.3031 providing additional resistance in deterring further upside moves today. Cable is now tracking lower as a result and is moving back towards a test of the 1.3000 handle.
Price action sits between the "goal posts" now
Buyers are looking to creep back into the picture as price has now moved above the 100-hour MA (red line) @ 1.1665 but there is still work to be done with key near-term resistance levels sitting nearby.
Well, it's been a wild ride since President Trump talked the dollar down last night. Overnight the Bank of China weakened the yuan by the largest single day devaluation in a year. The benefit of a weaker yuan for China is it forms a way of hitting back at the US imposition of tax on imported Chinese goods. The trade war is still in the background and risk off sentiment entered the market. Overnight the Nikkei fell , and is currently at -0.32% with the SSE and the SHI both recovering now and standing at +1.68 and 0.48% respectively.
The greenback slips a little across the board
It's been a tough last two sessions for the greenback, particularly after Trump's comments yesterday. The dollar index reached year's highs prior to US trading but failed to hold any sustained break above and it's been a quick trip lower - accelerated by Trump.
Rally helped by Trump of course
The NZDUSD has and continues to be the dog of the day. However, the Trump comment pushed the pair up to the 50% retracement of the day's ranges at 0.6759 (the high reached 0.6761).
Fall from yesterday is fully reversed into a topside trend line
The USDCAD has moved sharply higher in trading today. The move reversed the sharp fall yesterday (and a little more), but stalled against a topside trend line at 1.3268. Let's face it, the price action is a bit skittish. Sharp move higher. Sharp move lower. Sharp more higher again.