Markets:
WTI crude oil down 7-cents to $62.56US 10-year yields up 1 bps to 4.49%Gold up $65 to $3293S&P 500 down 0.4%CHF leads, AUD lagsThe blowout in Japanese bonds and the RBA rate cut teed up a lively session for North American traders. Early on, we saw CAD jump as core CPI numbers were hotter than expected. That led to BOC June rate cut odds falling to 35% from 65% and USD/CAD to fall 34 pips to 1.3914, edging below a series of lows this week.
The US dollar started the session out strong as yields rose but was steadily sold as the day continued. The pound sagged to a session low early in New York trade but rallied 50 pips from there to 1.3386 to finish near the European high. The euro finished at the best level of the day and just shy of Monday's peak.
AUD/USD was pressured after the RBA cut and said it considered a 50 bps cut but after some heavy selling in Asia and early Europe the Aussie found a bottom and bounced by 30 pips as the US dollar sagged broadly.
Newsflow was light but the bond market may have seen some selling after Trump leaned on Congressional Republicans to pass the tax cut bill without any fresh cost cuts. The House is expected to vote in the week ahead.
This article was written by Adam Button at www.forexlive.com. Read More Details
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