08 August 2016 at 22:58 GMT
US data released
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.
Snooze fest ... FX traders seemed to have ignored the trading part of their
job description. Photo: iStock
– 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.