Forex news for US trading on Oct 28, 2016
- FBI re-opens investigation into Hillary Clinton"s private email server
US Q3 advance GDP +2.9% q/q annualized vs +2.6% expected - Germany October CPI flash mm +0.2% vs +0.2% exp
- FBI re-opens investigation into Hillary Clinton"s private email server
- Baker Hughes US oil drilling rig count 441 vs 443 prior
- S&P sees UK growth averaging 1% from 2017-2019
- Canada Aug budget deficit C$2.69B vs C$2.34B last year
- U Mich Oct final consumer sentiment 87.2 vs 88.2 exp
- Russian energy minister says effect from oil production freeze may be short-lived
- Germany October CPI flash mm +0.2% vs +0.2% exp
Markets
- Gold up $7 to $1275
- WTI crude down 96-cents to $48.76
- US 10-year yields down 1 bps to 1.845%
- S&P 500 down 6.5 points to 2126
- EUR leads, JPY lags on the week
- EUR leads, USD lags on the day
The stories on the day were GDP, oil and Hillary Clinton, in that order.
The first reading on GDP was better than expected but the dollar didn"t get much of a boost because the strength was all in exports and inventories, which were one-off boosts while consumer spending and investment remained in the doldrums.
Initially, USD/JPY rose just above 105.50 on the headlines to a new multi-month high but it quickly gave back the 25-pip rise and then slipped to 105.05. Later in the day, it tried the upside again and got to 105.53 but then the FBI story hit and it was "risk off" and the pair skidded to a low of 104.43.
OPEC was a side-story as a technical meeting in Vienna took place in preparation for an output freeze. Just as the FBI story was hitting, headlines revealed that Iran and Iraq were refusing to agree to a freeze and that"s when a dip in crude turned into a fall as it fell down to $48.50 from $49.20. That sent USD/CAD to a fresh multi-month high at 1.3433 but it was caught in the dollar-selling on political worries and fell back to 1.3387 later.
EUR/USD finished at the highs of the week at 1.0985. The rise above 1.0950 took out some important resistance levels and the close at the highs is a good sign going forward. For once, the euro has shown it can be resilient.
Cable was choppy. It was beaten up in Europe and tested 1.21 once again but clawed its way up to 1.2200 in some back-and-forth moves.
Have a great weekend! Next week should be a good one.
ForexLive Americas FX news wrap: FBI drops an October surprise
ForexLive Americas FX news wrap: FBI drops an October surprise
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