FOREX NEWS

ForexLive Americas FX news wrap: Gold hits highest since 2011 – ForexLive


Forex news for North American trading on July 7, 2020:

Markets:

  • Gold touched $1797, highest since 2011, up $12
  • US 10-year yields down 4 bps to 0.638%
  • WTI crude oil down 35-cents to $40.38
  • S&P 500 down 34 points to 3145, finishing at the lows
  • GBP leads, CAD lags

Virus numbers weren’t bad today but high frequency data, high positivity ratios and Fed commentary weighed, in particular comments from Bostic and Mester that the economy was ‘leveling off’.

To be fair, risk trades had been on a strong run after a five-day winning streak in the S&P 500 so some weakness wasn’t a shock. It also wasn’t particularly aggressive in the FX market until late in the day when commodity currencies slid.

Cable was the early winner, rising to 1.2592 but gave back 50 pips after Europe went home. EUR/GBP selling was one of the reasons behind early GBP strength. The euro itself chopped between 1.1270 and 1.1300 before finishing at the lower end.

USD/JPY continues to give off mixed signals and was stuck near 107.50 after an early rally to 107.80 floundered.

The Canadian dollar was hit harder than other commodity currencies on pipeline troubles and its proximity to the US. The Mexican peso also suffered.

Gold was down in Europe but stormed back early in New York trade to take out last week’s low and eventually take out (by $1) the 2013 high of $1796.

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