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Greenback resumes decline on political risk

Posted on: July 18, 2017

News overnight that the Senate does not have enough votes to pass the latest Republican health care bill sent the USD into a tailspin, losing ground against almost all of its G10 counterparts. Two more Republican Senators voiced their opposition to the bill, with rumors of many others dissenting privately. This outcome is a major setback for President Trump, who had made health care a priority in is agenda. There will likely be continued skepticism as to whether Trump will be able to sway Congress on other priority items that the market looks to, such as infrastructure spending and tax reform. USDCAD is testing below 1.2600 this morning with no major releases on the economic calendar to complicate things. A strong CPI print on Friday could have USDCAD fishing below 1.2500 towards the multi-year low of 1.2461, expect lots of orders to chew threw down there and strong buying interest.

EURUSD finally broke through and ran the stops above 1.1500, causing the pair to gap up quickly. The focus shifts to the ECB on Thursday to see what they can do to fall in line with Central Bankers new desire to raise rates to expand their tool kits. The RBA minutes were mostly in line with expectations overnight, with one wrinkle being they eased up on talking down the AUD. This hawkish change, coupled with the broad USD selloff, pushed AUDUSD right through the stops above 0.7900 with nothing in the way before 0.80. The outcast of the G10 this morning is the Pound, as GBP suffers through a weak CPI print especially with regards to core inflation.

Greece is looking to make an comeback in the capital market community through the sale of sovereign debt. The sale is expected to include a 5 year bond in one to two weeks, yielding 4.5%. With pockets of the Eurozone reflecting negative yields, this may satisfy investor appetite in offering better terms and a higher yield.

  • Yesterday's NA 1.2628 - 1.2698
  • Asia 1.2636 - 1.2701
  • London 1.2581 - 1.2664


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