Monday , 25 November 2024
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Forexlive Americas FX news wrap: Initial jobless claims surprise to the downside

Markets:

  • Gold up $18 to $2736
  • US 10-year yields down 3.4 bps to 4.21%
  • S&P 500 up 0.2%
  • WTI crude down 27-cents to $70.51
  • JPY leads, CAD lags

The US dollar gave back some gains on Thursday as yields slid and equities rebounded from yesterday’s drop. The yen was the big mover as it unwound Wednesday’s large gain. The pair rose as high as 152.82 before sliding to 151.85. The comments from Ueda weren’t a market mover but suggested he’s in no mood to re-evaluate his plans despite the FX moves.

The euro also bounced back after three days of selling in a half-cent move that accelerated late in the day. Shorts may have been taking profits and the comments from Lane didn’t add much to the ECB debate as it’s already clear that there is a consensus that inflation is heading to target at some point in 2025.

Cable also strengthened but wasn’t able to retake 1.3000 and actually gave up a bit of ground in US trading after rising earlier in the day.

USD/CAD remains the laggard as it touched the highest since early August and is flirting with the highs of the year. I spoke with Reuters about the loonie and why it’s struggling.

In contast, AUD and NZD posted modest gains on the day. They were higher but were reeled in as US equities gave back some gains. Earnings remain in focus.

This article was written by Adam Button at www.forexlive.com.

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