ForexLive European FX news wrap: Commodity currencies lead the year-end charge as dollar slumps

Author: Justin Low | Category: News

Forex news from European trading - 27 December 2017

Economic data:

Trading action:

Others:

Markets:

  • AUD leads the way, USD, JPY lags behind
  • European equities mostly lower (only FTSE is higher on the day)
  • Gold is up by 0.12% to $1,284.53
  • WTI crude is lower by 0.97% to $59.39
  • US 10-year yields is flat at 2.47%
  • Bitcoin is lower on the day by 1% to $15,775

It's been a quiet session, but there are good ranges to be had today. The main theme in European trading has been dollar weakness - and that hasn't changed as we hit mid-day in London.

Commodity currencies are leading the charge as USD/CAD continues to trade at session lows of 1.2637. Meanwhile, AUD/USD and NZD/USD have been squeezing out session highs throughout the day and are trading near the highs now at 0.7771 and 0.7074 respectively.

EUR/USD is also trading near session highs at 1.1891. Meanwhile, cable is trading above 1.3400 now but capped by the 1.3420 resistance level that I pointed out here. USD/CHF is slightly lower, but mostly lacked action during the day.

USD/JPY was initially trading near lows for the day, but then there was a selloff in JPY late in the session and though the yen has recovered a little - it's still mostly down against other major currencies. The yen has only pared losses against the dollar.

Not much else has happened during the trading day. Copper 3-month rolling contracts hit 3-year highs on the LME, which is an added boost to the AUD I guess. And Bitcoin reversed gains and is trading under $16,000 again.