Forex today: a small up for the dollar are rates
Forex today was supportive of both the DXY and rates.
US stocks recovered after an initial wobble yet the Yen continued on the bid and was down to challenge 111 the figure into the close. Markets are somewhat on guard at the start of the week with the pending US CPI data on Friday and the FOMC meeting on Wednesday. However, there is little hope of any action from the Fed considering the miss in data from today's PMI adding to the consensus that the Central Bank will be on hold for the rest of the year.
GBP/USD drifted a little higher on the session in a recovery of the 1.3058 sell-off down to 1.2988 lows. The euro was a minor recovery in a shallow offer from overnight on the 1.16 handle while the commodity currencies were all supported in a minor recovery with a small up in copper and WTI. AUD/USD held onto the 0.79 handle and the Kiwi drifted from 0.7420 by 15 pips. The CAD was robust on better Wholesale Sales and oil with the Saudi's promising export cuts.
Key events in Asia
BoJ Monetary Policy Meeting Minutes.
Key events from US session
US Existing Home Sales: Another slide amid low inventories - Wells Fargo
US: Sharpest expansion of US private sector output for six months in July - Markit
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
