Published On: Fri, Sep 14th, 2018

US retail sales miss but trade worries rise

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Forex news for North American trade on September 14, 2018:

Markets:

  • Gold down $7 to $1194
  • WTI crude up 35-cents to $68.93
  • US 10-year yields up 2.4 bps to 2.99%
  • S&P 500 flat at 2904
  • USD leads, AUD lags

It was a full day of headlines on Friday with the main one a report that Trump has told his cabinet yesterday he wants to impose China tariffs. That took USD/JPY off the high of 112.17 and back down to 111.90 but it was stubbornly strong again and back flirting with 112.00.

EUR/USD was a bigger mover on the day, in part due to a report saying some members of the ECB wanted to emphasize downside risks. Yesterday’s rally was completely wiped out in a 60 pip fall to 1.1627.

USD/CAD was hurt by the continued blowout in Canadian oil differentials and more chatter about a deadlock at NAFTA talks. The CBC said Canada’s prepared to miss the end-of-month US deadline and see what happens.

AUD/USD was on its backfoot on reports of China tariffs and is slated to finish near the lows and down 40 pips to 0.7155. That takes the shine off a nice two-day bounce from 0.7085.

Cable news from Raab and Barnier wasn’t a big surprise and didn’t have much of an effect. Cable was caught in a broad US dollar bid that was built on solid data and talk about the Fed hiking beyond long-term neutral next year.

Have a great weekend.



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