17 October 2016 at 21:46 GMT
- Australia New Vehicle Sales 0030 GMT
- Australia: Reserve Bank of Australia minutes 0030 GMT
US Data released:
- NY Empire State Manufacturing Index (Actual minus 6.80 vs forecast 1.0)
- Capacity Utilization-September (Actual 75.4% vs. forecast 75.6%)
- Industrial Production-September (Actual 0.1% vs. forecast 0.1%)
There wasn’t anything to get excited about in today’s FX markets so traders didn’t. They appeared content to pare back long dollar positions in a tentative trading session.
EURUSD was a write-off. The single currency traded in a 0.0020-point range around 1.0995. USDJPY continued the slide that started in Europe and finished the day at 103.87, just off of the day's low of 103.77. GBPUSD bounced, mostly due to the general US dollar weakness.
US Federal Reserve Vice Chairman Stanley Fisher said that the Fed was close to achieving its two targets, which is news of the “Abraham Lincoln was shot” variety. He was cautious and didn’t say anything to incite or discourage rate-hike chatter.
An early-session oil price rally came to an abrupt end on a surprising and steep decline in the NY State Empire Manufacturing Index, coupled with bearish sentiment stemming from Friday’s rise in US rig counts. It was also down to profit taking in an overbought market that was very near major resistance. WTI dropped from $50.57 to $49.56 just after breakfast and then inched higher to $50.06 by the close.
US equity indices followed European indices into the red at the close. The CEO of Caterpillar (CAT: NYSE) had a metamorphosis but instead of turning into a quarter-end superstar he became retired. A botched growth plan will do that to a guy.
Netflix (NFLX: Nasdaq) shares surged in after-hours trading, rising from $97.70 to $121.28 after proving naysayers wrong and adding far more new subscribers than expected.
Netflix proved naysayers wrong and added far more new subscribers than expected.
– Edited by Susan McDonald
Michael O'Neill is an FX consultant at IFXA Ltd. Follow Mike or post your comment below to
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