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Greenback strikes back, JPY higher on fire & fury comments

Posted on: August 09, 2017

Risk-off is the name of the game right now as the US and North Korea continue to rattle sabers over North Korea's nuclear capabilities. Expect lots of headline trading as the situation remains fluid which will see JPY get whipped around as politicians take turns escalating and then walking back comments. Precious metals including gold and silver are catching higher bids amidst volatility.

USDCAD continues to chop around a 1.2700 handle, with declining rate spreads and a strong API number yesterday afternoon, limiting top side momentum. This morning Housing Starts and Building Permits both beat expectations, the next thing to watch this morning will be EIA crude inventories at 8:30 am MT. 1.2760/70 continues to be the first target on the top while a strong inventory number could see USDCAD test lower.

AUDUSD is holding weaker at 0.7879 after softer domestic data that showed residential loan growth slow to 0.5% MoM in June, as compared to an expected 1.5% gain, which points to a possible slowdown of the housing market. With a miss in Chinese CPI for July, there is no support for the China-proxy Aussie dollar. Assistant Governor Christopher Kent spoke at an event and confirmed that AUD appreciation is more a story about USD depreciation, and that global markets may have underpriced potential for higher inflation.

  • Yesterday's NA 1.2655 - 1.2705
  • Asia 1.2664 - 1.2699
  • London 1.2668 - 1.2708

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