ForexLive Americas FX news wrap: Dudley hints at hike

Forex news for US trading on February 28, 2017

• Fed"s Dudley: Case for rate rise is more compelling


• More from Fed"s Williams: Right now interest rates are abnormally low


• Fed"s Williams: Rate increase up for "serious consideration" in March


• Fed"s Harker: Repeats that 3 hikes appropriate this year


• 10 of 12 Fed bank boards wanted no discount rate change


• Sturgeon: New independence vote looks more like a necessity


• OPEC members achieve 94% of pledged reduction in Feb output - survey


• Dallas Fed February service sector outlook 15.6 vs 21.2 prior


• February US Conference Board consumer confidence 114.8 vs 111.0 expected


• February 2017 US Richmond fed manufacturing index 17 vs 10 exp


• February 2017 US Chicago PMI 57.4 vs 53.0 exp


• December US Case-Shiller 20-city house price index +5.58% vs +5.4% y/y exp


• US January advance good trade deficit $69.2 vs $66.0 expected


• Canada January industrial product price +0.4% vs +0.5% expected


• January US wholesale inventories -0.1% vs +0.4% expected


• Q4 2016 US GDP revision data report 1.9% vs 2.1% exp q/q ann 

Markets:

• Gold down $4 to $1248


• WTI crude down 14-cents to $53.91


• S&P 500 down 6 points to 2363


• US 10-year yields up 3 bps to 2.39%


• CHF leads, CAD lags


• On month, AUD leads, EUR lags

The US dollar got beat up early despite great numbers on consumer confidence but the dollar stormed back after London went him and continued the surge late after Dudley said the case for hiking now had become a lot more compelling.

USD/JPY tried support at 118.80 early and has rebounded more than a cent.

The euro had been up to 1.0630 but sank down to 1.0590 late. It"s the same story right across the board as the dollar catches a big bid late.

USD/CAD was strong all day ahead of the Bank of Canada decision. The pair is salted to finish 120 pips higher to 1.3300.

There are plenty of cross-currents with Trump to speak, month-end and the Fed in play. Ultimately, talk of a rate hike is something that will last.

ForexLive Americas FX news wrap: Dudley hints at hike
ForexLive Americas FX news wrap: Dudley hints at hike
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