Yields on core European bonds went for a slide yesterday as prices rose in response to the ECB's decision to leave its QE programme unchanged – for now at least. Elsewhere, the USD continues to make gains on its peers.
Article / 15 August 2016 at 22:56 GMT

US Market Wrap: Who let the dog days out?

FX Consultant / IFXA Ltd


  • Australia: RBA meeting minutes  0130 GMT 

US data released

  • NAHB Housing Market Index (Actual 60, vs forecast 60) 

If slow and steady wins the race, FX markets are gold medal contenders. New York traders inherited a disinterested FX market when they started their day. EURUSD climbed from 1.1160 and peaked just above 1.1200 at lunch and then flat-lined for the rest of the day. GBPUSD dipped below 1.2900 early and stayed below for the rest of the session. USDJPY recouped losses incurred in Europe and closed at the high of the New York session.

Higher commodity prices helped the Aussie and the loonie squeak out some gains while the kiwi went nowhere.

Just as a rising tide lifts all boats, rising oil prices lifted all US equity indices. All three major US indices closed at new record highs in a light volume day.

Oil bears continue to get squeezed. Oil prices extended gains again today. WTI rose from $44.40 to $45.92 on hopes that Saudi Arabia will engineer a price support agreement in Algiers.

 Oil prices lifted again giving oil bears a squeeze. Photo: iStock


For a nice summary of the Commitment of Traders report, read, Saxo Bank Head of Commodity Strategy, Ole Hansen's article: COT: Dollar longs reduced with JPY and EUR in demand.

– 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.


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail