Gold up $21 to $3372US 10-year yields down 10 bps to 4.36%WTI crude oil down 59-cents to $62.82S&P 500 flatJPY leads, USD lags
Trade took a rare backseat to economic data today. Unfortunately, the data was concerning on the US side as both the ADP jobs report and ISM services report missed estimates. In addition, the Beige Book talked about a slowing economy.
The 115 pip decline in USD/JPY nearly wiped out yesterday's gain and the dollar was soft elsewhere. It did bounce slightly late in the day but I expect talk to drift back towards rate cuts and angst will build ahead of Friday's non-farm payrolls report.
Cable reached as high as 1.3579 before backing off by a quarter-cent late. The euro touched 1.1434 and did a better job of holding onto gains. Tomorrow is the ECB decision and no move is expected but Lagarde will be pressed into commenting on the rate path in light of lower inflation. That said, I expect more 'wait and see' rhetoric as everyone tries to figure out what Trump will do.
This article was written by Adam Button at www.forexlive.com. Read More Details
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