Forex news for North American trade on October 16, 2020:
- Gold down $9 to $1899
- US 10-year yields up 1.3 bps to 0.745%
- S&P 500 flat at 3483
- WTI crude oil down 18-cents to $40.78
- CAD leads, AUD lags
There were some big headlines on Brexit and US retail sales today but the market was lackluster. The retail sales report led to a quick bid in USD/JPY but only for a dozen pips and then it flattened out for the day.
The Brexit headlines were non-stop and it appears we’ve reached an impasse with Barnier not going to the UK on Monday and instead opting for a phone call early in the week. The UK is betting that the EU will offer more but there was tough talk on both sides. Sterling has bounced around for weeks on Brexit headlines but today it chopped early then tapped out to finish flat.
The euro made some headway early and then gave it all back as concerns about slowing growth due to fresh COVID closures percolate.
The commodity currencies tracked an early bid in US equities that faded late in the day. The loonie did a bit better on signs of a stronger consumer and some back-and-fill from yesterday.
Have a great weekend.