Forexlive Americas FX news wrap. Oh Canada! Better retail sales and CPI propel
Forex news for NY trading on December 21, 2017.
- Spain - Catalan secessionists on track to win majority in today's regional election
- US stocks end with gains but off the highs at the close
- Goldman Sachs is said to be building a cryptocurrency trading desk
- US crude oil futures settle at $58.36
- US House clears way for debate and vote for temporary federal govt funding bill.
- The ups and downs continues for the GBPUSD
- Larry Lindsey is being considered as Fed Vice Chair
- A look at the markets at midday
- Boeing has been in takeover talks with Embraer - report
- You will soon be able to short Bitcoin futures in your E*Trade account (if you have $200,000)
- It turns out Bitcoin Investment Trust really was overvalued
- Bitcoin tests key floor level - and falls below. More bearish for bitcoin.
- Huge options bet shows how Wall Street is diving into crypto currency
- UK FTSE trades above 7600 for the first time. Up 1% on the day. Record high.
- December advance eurozone consumer confidence +0.5 vs +0.2 expected
- US Oct FHFA house price index +0.5% m/m vs +0.4% expected
- US Dec Philly Fed business outlook 26.2 vs 21.0 expected
- US initial jobless claims 245K vs 233K estimate
- Canada October retail sales +1.5% m/m vs +0.3% expected
- US Nov Chicago Fed national activity index +0.15 vs +0.50 expected
- US GDP annualized 3Q (third revision) 3.2% vs. 3.3% estimate
- Canada November CPI +2.1% vs +2.0% y/y expected
- The CAD is the strongest. The CHF is the weakest as NA traders enter for the day
- ForexLive European FX news wrap: Dollar holds steady as FX markets consolidate in tight range
In other markets, a snapshot is showing:
- Spot gold is up $1.50 or 0.12% at $1267.05
- WTI crude oil futures are up $0.15 or +0.26% at $58.24
- US yields are mixed with a flatter yield curve: 2 year 1.8775%, up 2 bp. 5 year 2.24%, up 0.3 bp. 10 year 2.479%, down 1.8 bp. 30 year 2.479%, -1.8 bp
- The US major stock indices closed higher but off highs. For a rundown, click here.
It was the US's neighbor to the north that stole all the thunder in trading today. Both retail sales and CPI came in better than expectations (especially the retail sales numbers) and that sent the loonie racing to the upside. Even with a late day corrective move, it remained the strongest of all (see the table below).
In the US today, the third cut of the 3Q GDP came in a touch weaker than expectations at 3.2% vs 3.3%. You can blame a tick down in consumption for the small decline but 3.2% or 3.3% it is still above the 3% bogey.
The other pairs wandered up and down.
The EURUSD traded in a 41 pip range and closed near the middle of that range. The 1.1876 was the swing low going back to June 2010. The high in the NY session reached 1.1878. Maybe I am making too much of the level. Nevertheless, the pair is trading above and below it over the last day.