Forex news for North American trade on June 14, 2019:
- Gold down $2 after hitting 14-month high of $1358
- WTI crude up 26-cents to $52.54
- S&P 500 up 2 points to 2893
Strong US retail sales won out over a surprise fall in inflation expectations as the driver for the dollar and the broader market on
For the week, the major indices end up modest
The major US indices are ending the session with losses on the day led by declines in the tech heavy Nasdaq. Chip stocks were hit hard after Broadcom announced worse than expected earnings and forecasts for earnings/sales going forward, blaming tariffs and China.
Weekly Forex futures net noncommercial positioning data for the week ending June 11, 2019
- EUR short 87K vs 88K short last week. Shorts trimmed by 1K
The CHF shorts decreased by 11KThe CAD shorts were increased by 9K.
At least it is right now
The ECB Coeure had an interesting speech this week that hasn't gotten enough attention. It was all about the effects of the Asset Purchase Programme -- the central banks QE program.
Last week it was the worst
King dollar is back on the throne.
Last week there was fear about Mexican tariffs and this week there was relief. Or last week there was excitement about Fed cuts, now there is worry they won't materialize.
NZD/USD nears support
Last week's bounce in the New Zealand dollar is confirmed to be the dead-cat variety. I wrote about this pair last Friday and noted taht it looked like a standard technical bounce.
Mired in a narrow 65 pip range for the week
The USDJPY has extended to new highs for day, and is above a near flat trend line connected the last few day's highs on the hourly chart. However, the price still remains below the high for the week at 108.796 reached on Tuesday. That high got