Forex news for North American trading on March 22, 2017:
- S&P 500 down 54 points to 2800
- WTI crude down $1.14 to $58.84
- US 10-year yields down 10 bps to 2.44%
- Gold up $4 to $1313
- JPY leads, EUR lags
Stocks opened only modestly lower but quickly soured and that sent USD/JPY down 90 pips on the day. Stops were hit below 110.00 in the fall to the lows of the day.
Cable was upbeat as it climbed more than 100 pips on Brexit optimism or at least the hope that a no-deal Brexit isn’t coming. It showed once again that it’s a very low bar for cable to rally.
Speaking of curve inversions, the Canadian curve is now deeply inverted and with Canadian retail sales falling for the third straight month, the loonie was beaten up. USD/CAD finished near the highs at 1.3429.
EUR/USD dropped 72 pips but the entirety of the drop was after the dismal German manufacturing PMI. It was mostly sideways in North American trade.
Finally, there were rumors all day of Mueller’s report being completed and released. It’s come after the close but that appears to be the case.
Have a great weekend.