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Article / 08 August 2016 at 22:58 GMT

US Market Wrap: FX traders choose to snooze

FX Trade Strategist / www.Loonieviews.net
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Watchlist

  • China: CPI, PPI 0130 GMT 

US data released

  • Nothing of note 

The blow-out nonfarm payrolls report was a distant memory for New York FX traders more concerned with the hot temperatures and the Rio Olympics. The antipodeans edged higher in part due to a rise on oil prices but other than that FX markets had all the drama of grass growing.

It was a good day for oil traders, at least those traders that were bullish. WTI climbed steadily throughout the session, rising from $41.90 at the open to a peak of $43.36 in mid-afternoon before sliding back to $42.83 by the close. The mere talk of an Opec meeting in Algiers in September gave oil bulls new life.

US equity indices were down modestly in reportedly light trading. Wal-Mart (WMT: NYSE) signed a deal to buy Jet.com for $3.3 billion which wasn’t really a surprise since the deal had leaked late last week.

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 Snooze fest ... FX traders seemed to have ignored the trading part of their
job description. Photo: iStock

Opinion

Hedge funds scaled back oil longs last week writes Saxo Bank's Head Of Commodity Strategy, Ole Hansen in: COT: Oil long hits January low as selling accelerates.

– Edited by Gayle Bryant

Michael O'Neill is an FX consultant at IFXA Ltd. Follow Mike or post your comment below to
engage with Saxo Bank's social trading platform.

Missed a day? Here’s what we had to say during our Asian session and our regular European Morning Markets, From the Floor and Mid-session Europe.
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