07 September 2016 at 23:33 GMT
- Japan: GDP, Trade Balance, Foreign Investment, Current Account 1950 GMT
US Data released:
- MBA Mortgage Applications (Actual 0.9% vs previous 2.8%)
- Job Openings Labour Turnover Survey - JOLTS (Actual 5.871 million vs. previous 5.643 million)
It was a rather uneventful day for EURUSD and USDJPY traders. EURUSD spent most of the session in a 1.1227-1.1252 range with just a brief blip to 1.1270 at option expiry (1500 GMT).
USDJPY bounced within a 101.35-85 range. GBPUSD peaked, during the New York session, at the option expiry time and then drifted lower for the rest of the day, undermined by the overhang from mixed to weak UK data.
USDCAD got a lot of attention. The Bank of Canada was a tad more dovish than expected when it raised concerns about the low inflation level. USDCAD exploded higher, rising to 1.2912 from 1.2820.
This morning's data was nothing special. The JOLTS report provided a confusing array of info. The job openings were at record levels but hiring did not increase. The Fed’s Beige Book showed that the economy expanded in August.
Oil traders didn’t know whether to buy or sell, so they did both. WTI bounced erratically within a $44.53-$44.55/barrel band and ended the day near the peak.
The end of day API Crude stock change report showed a large 12.08-million-barrel drawdown and WTI soared to $46.07
US equity indices closed pretty flat, apparently unimpressed with the day’s data. Apple (APPL: NASDAQ) unveiled the iPhone 7. It immediately turned your expensive headphones into junk if you planned on using them with the new phone.
The latest version of iPhone has turned those expensive headphones into junk. Photo: Flickr
-- Edited by Adam Courtenay
Michael O'Neill is an FX consultant at IFXA Ltd. Follow Mike or post your comment below to
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