27 July 2016 at 23:06 GMT
- Japan: Foreign Investment 1950 GMT
- Australia: Import, Export Index 2130 GMT
US data released
- Durable Goods June (Actual -4.0% vs. forecast -1.1%, ex-Transportation -0.5% vs. Forecast 0.3%)
- Pending Home Sales June (Actual 0.2% vs forecast 1.4%)
- EIA Crude Stocks Change (1.67 m/b vs. forecast -2.257 m/b)
The FX market reaction was mixed. Aussie, kiwi and the loonie sank and then rallied. NZDUSD closed higher than where it opened while Aussie and the loonie ended flat on the day. (See Saxo Bank’s John Hardy’ squawk) The big mover was sterling. GBPUSD rose from 1.3112 to 1.3220 while EURUSD followed suit, moving from 1.0998 to 1.1061 by the close.
Equity traders didn’t seem overly bothered with the statement and judging by the close of the “Big Three” indices, it was more fairly benign. The Dow Jones Industrial Average was flat on the day, the Nasdaq gained and the S&P 500 slipped ever so slightly.
Facebook (FB: NASDAQ ) got a whole bunch of “likes” when it reported Q2 earnings that nearly tripled compared with a year ago. The stock was up 6.69% in after-hours trading.
Oil tanked. The surprising 1.67 million barrel build drove WTI from $43.17/b to $41.64/b. That news drove USDCAD to 1.3252 before returning after the FOMC statement.
Facebook got a whole bunch of “likes” when its Q2 earnings beat estimates. Photo:iStock
– Edited by Gayle Bryant
Michael O'Neill is an FX consultant at IFXA Ltd. Follow Mike or post your comment below to
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