Forex news for North American trade on November 13, 2020:
Markets:
- S&P 500 closes at record high, up 1.4%
- US 10-year yields down 1.3 bps to 0.896%
- Gold up $11 to $1887
- WTI crude down 98-cents to $40.14
- GBP leads, USD lags
The general theme in New York trade was US dollar selling as the risk tone slowly strengthened despite the miss in the U Mich survey. That data point was once a great leading indicator but now it says more about partisan happiness than anything about the economy.
USD/JPY struggled as the dollar fell, even with the Treasury market relatively quiet. It slid to 104.60 from 105.00 at the start of trade.
In cable, you can see the market leaning towards a weekend deal or some kind of positive news. The pair is closing at the highs at 1.3200.
EUR/USD chopped around unchanged earlier in the day but grinded higher in late Europe and North America to finish the day up a quarter-cent.
The commodity currencies were less enthusiastic as oil prices drifted lower for the third day. Still, they made some headway late to finish unchanged.
Have a great weekend