Forexlive Americas forex news wrap: UK /EU negotiations need more time
Forex news for US trading on December 4, 2017
- New Zealand Q3 volume of all building 2.7% vs +2.0% expected
- Bitcoin, Stocks and Common Ground
- US stocks give up gains (most gains) and close at the lows
- S&P erases gains. Nasdaq down over 1%
- Barclays capital FX strategy: Expects no change from RBA
- US crude oil futures and Brent crude futures settling lower
- Bitcoin technical analysis: Bitcoin is trading up $328 or 3.11% but...
- The USDCHF is tests the topside channel trend line. Stalls the rally?
- Pelosi and Schumer accept WH offer to meet with Trump/GOP leaders
- Irish PM Varadkar: Brexit talks have made substantial progress
- European stock up across the board
- Rotation in the US stocks as Nasdaq falls, Dow gains
- UK PM May: Need more consultation on some issues
- EU Juncker: UK PM is tough, not easy negotiator. Not possible to be reach deal today
- BBC reporting they don't expect a deal from the Brexit talks today
- US factory orders for October -0.1% versus -0.4% estimate
- ISM New York business conditions for November 58.1 versus 51.6 last month
- London's Kahn: Special status for Northern Ireland after Brexit could be huge
- A quick look at the winners and losers as NA traders get at it
- DUP's Wilson says no rule divergence contrary to UK government promises
- Kremlin says Flynn was not in a position to ask Russia's ambassador to do anything for him
- ForexLive morning news wrap: Pound steals the limelight in a busy start to the week
In other markets, a snapshot near the NY closes is showing:
- Spot gold is trading down $4.69 or -0.37% at $1275.81
- WTI crude oil futures are down $.91 or -1.56% at $57.45
- US treasury yields are higher but well off the highs: two-year 1.806%, +3.4 basis points. Five-year 2.142%, -3 basis points. 10 year 2.372%, plus 1 basis point. 30 year 2.763%, unchanged. The benchmark 10 year note had a high yield of 2.4187% while the 30 year bond reached a peak of 2.8159%.
- US stocks gave up large chunks of their gains and closed at the lowest levels. S&P index fell 2.78 points to 2639.44. The high price reached 2665.19. NASDAQ fell -72.219 points or -1.05% to 6775.36. The high price was at 6899.22, nearly 125 points off the lows.. The Dow industrial average was up over 300 points at the peak and closed up only 58.46 points at 24290.05
- Bitcoin is trading at $11,495, up $595.76 or 5.47%. The high reached $11,845.33 (record high). The low traded down to $10,549.51.
The fall in stocks helped to push the USDJPY to new session lows. The pair cracked below a floor at the 112.63-65 floor area and moved an additional 30 pips by the close. The price still remains above its 100 hour MA at 112.25 (the low reached 112.35 so far). A break of that level on continued weakness would be turn the bias more bearish.