Forex news for New York trade on December 8, 2017
- November non-farm payrolls +228K vs +195K expected
- Canada Nov housing starts 252.2k vs 213k exp
- Peter Henry is the front runner to be NY Fed President - report
- US October final wholesale inventories -0.5% vs -0.4% exp
- U Mich Nov prelim consumer sentiment 96.8 vs 99.0 expected
- Cohn: We're watching Bitcoin, it's not a serious risk now
- Canada Q3 capacity utilization 85.0% vs 84.3% prev
- CFTC Commitments of Traders: Yen shorts wade back in, GBP longs stay strong
- Baker Hughes US oil rig count 751 vs 749 prior
Markets:
- Gold up $1 to $1248
- WTI crude up $1.12 to $63.22
- S&P 500 up 14.5 points to 2651
- US 10-year yields up 1 bps to 2.38%
- CHF leads, GBP lags
Nonfarm payrolls had something for everyone. The jobs numbers were strong but the wage numbers were soft. The initial reaction from the US dollar was down but it was tempered quickly.
USD/JPY dipped down to 113.15 from a three-week high of 113.55 but it later climbed all the way back.
It was a different story in EUR/USD as the pair climbed to 1.1765 from 1.1735 and held onto the gains into the close.
Cable was hit by a 'sell the fact' trade on a Phase I Brexit deal reached earlier. The pair slid as low as 1.3356 from a high of 1.3520 with the low coming just before the London close. From there it rebounded to 1.3400.
USD/CAD was able to make a fresh high late in the day at 1.2880 after falling down to 1.2800 on the jobs report. The loonie continues to suffer the fallout from the BOC decision.
AUD/USD remained near a 6-month low at 0.7500. A brief rally to 0.7530 was sold back down to the figure.
Have a great weekend.
