ForexLive Americas FX news wrap: All about trade

Author: Adam Button | Category: News

Forex news for North American trade on March 2, 2018


  • Gold up $5 to $1322
  • WTI crude up 40-cents to $61.39
  • US 10-year yields up 5 bps to 2.86%
  • S&P 500 up 13 points to 2691
  • EUR leads, CAD lags
  • On the week, JPY leads, CAD lags

Trump is probably bluffing. Or the people who say they will retaliate are bluffing.

Those are the messages from the market on Friday as stocks closed higher and USD/JPY climbed from the lows.

It's a dangerous game after Trump tweeted early in the morning that trade wars are good and Wilbur Ross went on a communication offensive.

The worries dominated early and USD/JPY fell to a 14-month low of 105.25. It slowly ticked back as the S&P 500 turned a 30 point loss into a 15 point gain and finished near 105.75.

EUR/USD was less enthusiastic about giving up its gains, even with the Italian election coming on Sunday. It made a high of 1.2336 late in the day and finished just shy of the best levels and up slightly on the week.

Cable struggled this week on renewed Brexit fears but was slightly higher Friday on a late uptick. May's speech didn't reveal much and it was a chop around 1.3785 all day without too much daylight on either side.

USD/CAD had a very strong week. Late Friday it was testing the triple-top at 1.2920 but couldn't break through and fell back to 1.2873, which was basically flat in North American trade, but up 35 pips on the day. It will be a key pair in the week ahead.

AUD/USD was more contained as it ranged around 0.7750 before finishing slightly higher.

Have a great weekend and look out for Italian election results just as the market opens on Sunday. We'll have all the news.