ForexLive Americas FX news wrap: US dollar stays bid in NY trade
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Forex news for North American trade on October 26, 2021:
Markets:
- Gold down $13 to $1794
- WTI crude oil up 85-cents to $84.61
- US 10-year yields down 1.8 bps to 1.62%
- S&P 500 up 13 points to 4578
- AUD leads, JPY lags
Cable rallied 75 pips early in European trading but gave it all back by lunch time in New York in a fall back to 1.3766. Some of that was due to a broad US dollar bid that kicked off early in New York. The underpinning of that wasn’t exactly clear but flows into US tech certainly didn’t hurt.
Economic data was strong with all the US releases today coming out on the strong side, suggesting a quick rebound after what’s shaping up to be a poor Q3 GDP print. We’ll get that data on Thursday.
USD/JPY grabbed a bid early in US trade for the second day but after hitting 114.30 in scaled back to 114.13.
The euro poked below 1.1600 on talk of a dovish ECB but the break of the lows of the week didn’t inspire any real downside momentum and we’re back at the figure.
USD/CAD once again rose up near the 1.24 zone. It’s repeatedly tested that area without breaking through. Once again, crude was higher but it offered little help with all the focus on the BOC tomorrow. The loonie and the rest of the commodity currencies gave back about half of the early gains.
It’s a big day for tech earnings so strap in.
