U.S. Session Forex Recap – Oct. 11, 2016

  • U.S. banks closed for Columbus Day
  • U.K. BRC retail sales monitor rebounded 0.4% in Sept
  • Japanese current account surplus widened from 1.45T JPY to 1.98T JPY

It wasn’t much of a manic Monday for New York session traders as U.S. banks were closed in observance of Columbus Day while Canada celebrated Thanksgiving.

Major Events:

Crude oil chatter – The lack of top-tier economic releases kept traders on the lookout for headlines that could move the markets. And with another informal meeting among energy ministers coming up later this week, commodities have been under the spotlight once more.

According to Venezuela’s President, OPEC members need to reach an agreement to stabilize prices, adding that the country is looking to come up with its own ways to create market stability within the next six months. Meanwhile, Russian President Putin remarked that they stand ready to freeze or cut production if the OPEC decides to do so, allowing WTI crude oil to trade past $51/barrel and Brent crude oil to rally to $53.05/barrel.

Major Market Movers:

CAD – The Loonie was stronger across the board on positive crude oil news, even advancing against the similarly strong U.S. dollar.

USD/CAD fell from 1.3256 to a low of 1.3139, CAD/JPY popped up from the 78.00 handle to a high of 78.96, EUR/CAD drifted from 1.4800 to consolidate around 1.4660, GBP/CAD fell from 1.6474 to 1.6256, and AUD/CAD is down from 1.0063 to parity.

USD – The Greenback resumed its rally against its rivals towards the end of the day, recouping its losses from the earlier trading sessions.

EUR/USD fell from 1.1161 to 1.1134, GBP/USD slid from 1.2426 to 1.2343, USD/JPY recovered from 103.39 to 103.94, and USD/CHF is up from .9806 to a high of .9839.

Watch Out For:

  • 12:30 am GMT: Australia NAB business confidence
  • 12:30 am GMT: Australia home loans (-1.3% expected, -4.5% previous)
  • 5:00 am GMT: Japanese Economy Watchers sentiment index

See also:

London Session Recap

Asian Session Recap

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