Credit: Forex news for US trading on June 28, 2016
- No article 50 until we're clear about our EU relationship says Osborne
- Draghi said to see Brexit vote cutting Eurozone GDP by as much as 0.5 pp
- US June consumer confidence 98.0 vs 93.5 expected
- June 2016 US Richmond Fed manufacturing index -7 vs 3 exp
- Q1 2016 US GDP final 1.1% vs 1.0% exp q/q ann
- SNB's Zurbruegg defends policy moves
- ECB's Nowotny: There was an overreaction in banking stocks
- Jeremy Corbyn loses no-confidence vote among Labour MPs
- Race to replace David Cameron will finish Sept 9 - BBC
- Scotland's Sturgeon says three months of political drift will further damage the UK economy
- April 2016 US Case Shiller 20 city HPI 0.5% vs 0.6% exp m/m sa
Markets:
- Gold down $13 to $1311
- WTI Crude oil up $1.59 to $47.91
- S&P 500 up 35 points to 2036
- US 10-year yields up 2 bps to 1.46%
- GBP leads, JPY lags
Britain doesn't appear to be in any hurry to activate the Article 50 pledge and that's added a dose of hope to markets. The pound finished 130 pips higher to 1.3355. It had risen as high as 1.3419 early in US trading and then dipped down to 1.3276 at the European close. Late in the day, it caught a bid again as broad sentiment bounced.
The question is whether it's a dead cat bounce or something more. The ebb and flow of the market was evident elsewhere but the amplitude was less. The euro started US trading at 1.1086 then dipped down to 1.1036 only to recover.
Yen crosses were much lighter than usual but USD/JPY struggled to hold above 102.80 despite continually improving stock markets. Zooming out, the bounces in risk trades are hardly impressive given the scope of the declines.
USD/CAD tried to rise above 1.3100 but was beaten back and sank to 1.3033 late as oil prices jumped 3.6%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
