Article / 04 July 2016 at 23:28 GMT

US Market Wrap: No Fourth of July fireworks for FX

FX Trade Strategist /
saxo rates


  • Australia: Retail Sales                                                     0130 GMT
  • New Zealand: ANZ Commodity Price                             0130  GMT                                                      
US Data released :

  • None 

FX markets were extremely quiet. US markets were closed for July 4 celebrations, leaving Canadian traders to run with the ball. They didn’t. The weather was nice and they were content to book client outings.

Oil prices were soft. WTI drifted from $49.20 to $48.64 in very dull trading and even news that suicide bombers hit three Saudi cities, failed to spark any interest.

The interest came from comments by the Saudi Energy Minister, Khaled Al-Faleh, who expressed concern about slowing Asia demand, rising gasoline supplies and the risk of rising output.

The Bank of Canada Business Outlook Survey is released today and it suggests that domestic business activity will be subdued this year.


The UK political quagmire got even murkier today and for insight read TradingFloor Managing Editor, Martin O’Rourke’s article: Saxo on Brexit: Farage walks-what next?

 Plenty of flag waving overall, but forex markets never got the gist. Photo: iStock

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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