FX Markets Trade Tentatively Ahead Of FOMC

Daily FX wrap – Markets trade tentatively ahead of the FOMC minutes

Markets consolidate ahead of FOMC as typical summer trade fails to inspire volatility. Volumes and any major moves have been light as traders await the FOMC minutes.

Today the main stand out event of the day was UK jobs data. The claimant count change surprised markets, coming in way lower than expectations (9.5k) at -8.6k. Cable rose 48 pips in the aftermath but then quickly pared those gains to trade at pre-announcement levels as a lot of the report was outdated, and finished the session above the pivotal 1.30 handle.

Leading into the release of the latest DOE data, USD/CAD had been moving higher, but there was a significant draw against expected build. This saw USD/CAD fall away from the 1.29 level and head towards the EU session close 0.15% in the green.

In terms of movers on the session, overnight we saw JPY pare some of the losses seen yesterday, with an 81 pip rally in USD/JPY to edge towards yesterday’s opening price of 101.25. NZD/USD was briefly supported by strong employment figures, although gains were short-lived after the stats bureau stated that the strong data was partly due to adjustments in the survey.

Tomorrow sees UK retail sales, Australian employment change, EU CPI, ECB minutes, Philadelphia Fed manufacturing index.

This entry was posted in Forex and tagged . Bookmark the permalink.
0 0 votes
文章评分
Subscribe
Notify of
guest
0 评论
Inline Feedbacks
View all comments