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Article / 20 April 2017 at 23:12 GMT

US Market Wrap: Dollar stays close to home in dull session

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

  • Nothing of note 

US data released:

  • Philadelphia Fed Manufacturing Survey – March (Actual 22 vs. forecast 25) 
  • Initial Jobless Claims (Actual 244,000 vs. forecast 242,000) 

New York traders walked in to find the dollar a tad softer from where they left it on Wednesday evening. The day ended and the greenback had erased all its overnight losses, except against the Australian dollar, which was up marginally. In between, there was a whole lot of nothing going on. The choppy range-bound price action can be blamed on concerns about the French election, a lack of economic data, North Korea or all of the above.

EURUSD opened at 1.0763 and dropped to 1.0740 just after breakfast and then climbed to 1.0776 by lunch. The afternoon session was spent erasing that move and the single currency finished the day at the low (1.0718).

Sterling closed at 1.2815 and spent the entire day bouncing within .0025 points, either side of the close. USDJPY was bid from the opening level of 109.04 but could not get traction above 109.50 and inched lower into the close.

AUDUSD eked out a small gain while NZDUSD had a small loss. USDCAD was virtually forgotten but did finish the session a tad lower.

WTI oil finished the day in the middle of its $50.25-$51.00 range as continued oversupply concerns outweighed the talk that Opec production cuts could be extended.

Wall Street ended the day with gains and the Nasdaq closed at a record high. US President Donald Trump ordered the US Commerce Department to probe the impact of steel imports on the US defence industry, a shot at countries exporting cheap steel to the US.

...
 The US dollar clawed back overnight losses in another range-bound session. Photo: Shutterstock

– Edited by Gayle Bryant

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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