Free Trial

USD soft after mixed US GDP - Whispers of a...>

FOREX
FOREX: USD soft after mixed US GDP
- Whispers of a strong US GDP number saw the dollar consolidate morning gains at
the NY crossover. USDJPY comfortably held above Y111.00, EURUSD below $1.1650,
while Gold continued its downtrend losing $8 on the session.
- USDJPY slipped to Y111.04 after headline GDP came in under expectations at
4.1% vs median 4.2%. Improved revisions with stronger Personal Consumption data
briefly supported, before second wave sales pressured through Y111.00. Renewed
USD selling linked to early month-end flow amid a backdrop of weaker equities
took the rate on to extended lows of Y110.80.
- AUD outperformed to $0.7415, underpinned by Gold's sharp $8 recovery. EURUSD
bounced 40 pips to $1.1662, GBPUSD comfortably held above $1.3100, while NZD,
CAD & CHF witnessed modest gains.
- SEK remained bottom of the G10 pile following the release of soft Retail Sales
which slipped 1.8% on the month. EURSEK trades Sek10.2980 and will need to close
below the 100-dma (Sek10.3063) for the downtrend to continue.
- Busy Central bank calendar next week from the BOJ, FOMC & BOE.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.