Home News ForexLive Americas FX news wrap: Conte gets another crack – ForexLive

ForexLive Americas FX news wrap: Conte gets another crack – ForexLive

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Forex news for Americas trading on August 28, 2019:

Markets:

  • 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.

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