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Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Article / 10 April 2017 at 22:05 GMT

US Market Wrap: Dollar demand fades in quiet session

FX Trade Strategist / www.Loonieviews.net
Canada
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Watch list:

  • Nothing of note 

US Data Released:

  • Labour Market Conditions Index March (Actual 0.4% vs. previous 1.5%) 

US dollar demand that was evident in Europe faded in a relatively quiet New York FX session. A lack of inflammatory geopolitical headlines contributed to the easing of risk-aversion trading as did position adjusting ahead of US Federal Reserve Chair Janet Yellen’s speech, which was due at the end of the day.

EURUSD recouped all its overnight losses. The single currency found the day’s low of 1.0570 before breakfast and climbed to 1.0606 by the noon hour, only to edge lower in the afternoon.

USDJPY peaked at 111.38 in the morning and dropped to 110.80 by lunchtime as Wall Street and Treasuries inched lower. It finished the day just above 111.00.

An S&P report noted that an adverse scenario in which the UK skipped its EU financial 
obligations would have a serious and negative impact on the EU's rating and the rating of other EU institutions. GBPUSD just drifted inside a 1.2390-1.2425 range.

The commodity currency bloc finished the day with small gains led by the Canadian dollar, which got an added lift from firm oil prices.

Another Libyan oilfield shutdown led to steady demand in WTI, which rose from $52.50 to 
$53.05.

Wall Street finished with small gains. At one point this afternoon, Tesla became worth more than General Motors. In 2016, GM (GM: NYSE) sold 546,838 retail units. Tesla (TSLA: Nasdaq) sold 76,230 vehicles. Something is out of whack.


t
 At one point this afternoon, Tesla became worth more than General Motors. Photo: Shutterstock

Opinion:

Syria's Assad may have crossed a line, even with its Russian ally, writes TradingFloor contributor Nadia Kazakova in The solution to Putin's Syrian dilemma ...


--Edited by Susan McDonald

Michael O'Neill is an FX consultant, currency strategist and author of the Trade of the Day at Loonieviews.net. Follow Mike or post your comment below to engage with Saxo Bank's social trading platform.

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