Gold down $27 to $3351US 10-year yields flat at 4.46%WTI crude oil up 90-cents to $63.43S&P 500 up 0.6%USD leads, JPY lags
The US dollar put in a solid performance today and I can pin it on a few things. The rebound was mainly a retracement of yesterday's fall and that helps to encapsulate it. 1) Yesterday there were some real worries about Russian retaliation from the drone attacks, they haven't launched any nuclear weapons so that's good so far. 2) The China-US trade talk is gathering momentum with diplomats talking today and the White House indicating a looming call between Trump and Xi. 3) Fears about Trump re-escalating the trade war after the TACO fiasco are fading, as he appears to be sticking to his plan. 4) JOLTS job openings improved in April despite Liberation Day angst.
The euro similarly slid and mostly erased yesterday's gains to leave it largely flat on the week. The market will wait on trade headlines, the ECB and Friday's non-farm payrolls report.
The dollar gains against the commodity currencies were subdued as the same trade sentiment helped to lift commodities priced and equities. Futures had been solidly negative in Europe but the main US indexes steadily gathered momentum with chip names leading the way.
This article was written by Adam Button at www.forexlive.com. Read More Details
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