Markets:
Gold up $12 to $3312US 10-year yields down 7.9 bps to 4.34%WTI crude oil flat at $68.32S&P 500 up 0.6%JPY leads, CAD lagsThe FX market largely treaded water in Wednesday's trade but there was a notable intraday reversal in USD/JPY lower after hitting the highest in two weeks. That came as US yields fell and closed at the lows of the day.
The stock market isn't really trading off macro at the moment and bounced around before finishing strong on Nvidia leadership, the AI trade and some decent gains from industrials. The FOMC minutes highlighted that Bowman and Waller are alone in calling for rate cuts in July and that the bigger risk may be no cuts at all -- particularly given the way stock markets are going.
As for the dollar, it's been strong so far in July but there were cracks today. I think those cracks widened a bit with this attack on Brazilian trade, despite Brazil having a trade deficit with the US. It highlights Trump's knee-jerk instincts to hit everyone with tariffs for anything and that 'reciprocal' is effectively meaningless.
At some point trading partners will conclude that negotiations are fruitless and change tactics. That would be a potential reckoning for the US dollar, particularly if Trump then escalates.
In the meantime, I will keep a close eye on how the dollar performs in the day ahead. Also keep an eye on bitcoin for signs of risk sentiment. It attacked $112K and got within dollars of breaking it but backed off late.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about forexlive americas fx news wrap us dollar treads water as eyes turn back to trade was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Forexlive Americas FX news wrap: US dollar treads water as eyes turn back to trade )
Also on site :
- Crew Paints Russian Flag on Oil Tanker Pursued by the U.S. Coast Guard
- FBI Seizes $40 Million Worth of Motorbikes Tied to Top-10 Fugitive
- Mickey Rourke Sued for $59,100 in Unpaid Rent, Facing Eviction