Forex news for Americas trading on August 28, 2019:
- Gold down $4 to $1539
- WTI crude up 99-cents to $55.92
- US 10-year yields flat at 1.47%
- S&P 500 up 19 points to 2888
- USD leads, GBP lags
News wasn’t a big driver of market moves today. The big headlines on GBP came early in Europe and sent the pound lower but it did a nice job of finding a floor and made a spirited rebound late in the day before a strong USD bid undid some of the work. Still, cable down only 77 pips on Boris Johnson shutting down parliament is a decent result for the bulls.
That same dollar bid helped to boost USD/JPY as equity markets improved. Not even a strong 5-year Treasury auction could undo the move.
EUR/USD trading was more of a standstill, in part because better developments in Italy helped to underpin the euro.
USD/CAD attempted a move lower after oil inventory data but crude prices faded from the highs near $57 and that stalled any progress for the loonie.
In contrast, the aussie never really got off the floor and is closing on the lows. It was a narrower range but baring a list-minute jump, this will be the lowest daily close of the cycle.