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Greenback Swings To Gains

FOREX

The greenback initially started on the back foot after strong gains last week while safe havens were favoured after the attack on an oil facility in Saudi Arabia, but USD moved into positive territory as the session wore on, while safe havens dropped and equity markets fell into the red.

  • AUD was higher from the open, buoyed by robust trade data from China. AUD/USD touched 0.7722 before pulling back on USD strength, the rate last changes hands at 0.7694, a quiet session with several states away for Labour Day.
  • JPY has lost a handful of pips, USD/JY last up 7 pips at 108.37. Data earlier in the session showed the current account surplus narrowed to JPY 646.8bn in December against expectations of a JPY 1.25tn surplus, while the trade deficit widened to JPY 130.1bn. Bank lending including trusts rose 6.2%, after a 6.0% rise in January.
  • The PBOC fixed USD/CNY at 6.4795, some 34 pips above sell side estimates, the PBOC once again resisting strength in the yuan. Trade data from China was strong which saw yuan gain in early trade, but as USD went bid the move reversed, USD/CNH last up 109 pips at 6.5269.
  • Elsewhere, oil is higher after Saudi Arabia said one of the most protected oil facilities in the world came under attack on Sunday. This has seen CAD firm, USD/CAD last down 5 pips at 1.2653, resisting USD strength.
Energy BulletsCommodities
Energy BulletsCommodities

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