ForexLive Americas FX news wrap: Canadian dollar cut down by data

ForexLive Americas FX news wrap: Canadian dollar cut down by data

Forex news for North American trade on April 20, 2018:



  • Gold down $9 to $1336
  • WTI crude flat at $68.26
  • S&P 500 down 22 points to 2670
  • US 10-year yields up 4.5 bps to 2.95% — highest close of the year
  • USD leads, NZD lags

The Canadian dollar was in focus to start the day but the US dollar stole the show later, aided by rising Treasury yields.

Both top-tier Canadian releases were poor with retail sales ex-autos flat compared to +0.4% expected. Core CPI measures were also a touch soft and the loonie was roundly hit. USD/CAD rose to 1.2750 and finished at the lows of the day, in a poor sign for the week ahead.

The rest of the commodity currencies also struggled. AUD/USD extended lower after an outside day on Thursday and finished down 60 pips to 0.7670.

In cable, Carney’s BBC interview continued to resonate with many backing away from a May rate hike, or at least getting some seriously-cold feet. Support at 1.4000 has held so far.

EUR/USD whimpered and Draghi had some dovish comments. It was getting smoked and hit 1.2250 but fixing demand drew a line under it and bounced to 1.2288.

If you’re looking for more on the ECB, check out the webinar here: Fate of the single currency to be decided by forthcoming ECB meeting

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