Home News ForexLive Americas FX news wrap: Dollar starts the week strong – ForexLive

ForexLive Americas FX news wrap: Dollar starts the week strong – ForexLive

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Forex news for North American trade on June 29, 2020:

Markets:

  • Gold up $1 to $1772
  • WTI crude oil up 98-centos to $39.47
  • US 10-year yields down 1 bps to 0.633%
  • S&P 500 up 35 points to 3044
  • EUR leads, CHF lags

The market was poised for a positive, risk-on day early but after the stock market opened, the bottom fell out. The S&P 500 then tagged 3000 before technical buyers stepped in. After that, the rally gained further on the home sales data and Florida COVID cases, even though the latter was almost-certainly related to weekend effects.

The other effect likely in play was month/quarter-end as flows dominated. That helped to underpin dollar demand in New York and led to a sharp fall in GBP and a turnaround in the early big gains for the euro.

Commodity currencies were more restrained and finished close to flat.

USD/JPY remains a flow-driven mess that doesn’t respond to fundamentals or headlines. Look for more of the same until the calendar turns and we get past the US holiday.

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