Market News

U.S. session traders appear to be in holiday mode already as dollar pairs cruised slowly while the Loonie gave up some ground as the fifth round of NAFTA talks are about to close.

Federal Reserve Chair Janet Yellen said on Monday she will resign her seat on the Fed’s Board of Governors once Jerome Powell is confirmed and sworn in to replace her as head of the U.S. central bank.

Gold fell more than 1 percent on Monday, giving up the prior session’s gains on pressure from the rising dollar, expectations for U.S. interest rate hikes and as the market entered a holiday week. 

The U.S. dollar touched its highest against a basket of major currencies in nearly a week on Monday, as the euro weakened amid political risks linked to German Chancellor Angela Merkel’s failure to form a three-way coalition government.

Nebraska regulators voted on Monday to approve TransCanada Corp’s Keystone XL pipeline route through the state, lifting the last big regulatory obstacle for the long-delayed project that U.S. President Donald Trump wants built.

Nebraska regulators will announce their decision on Monday on whether to approve TransCanada Corp’s Keystone XL pipeline route through the state, the last big hurdle for the long-delayed project.

EUR staged a broad-based recovery during the session. CHF, meanwhile, found sellers likely because of the risk-on vibes. And while GBP was mixed, it had rather uniform two-way action.

Oil eased on Monday, as traders were wary of betting too heavily on which way prices might move ahead of an OPEC meeting next week, when the exporter group is expected to decide whether to continue output cuts aimed at propping up prices.

European shares rose on Monday as confidence over global economic activity helped investors brushed off worries over the collapse of government talks in Germany.

Canada and Mexico will not make counterproposals to U.S. demands for tougher NAFTA automotive content rules but instead will offer rebuttals and pepper American negotiators with technical questions on Monday, people familiar with the talks said.

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There was no clear direction for most major currencies, except for the euro which was weighed down by concerns over Merkel failing to form a coalition government.

Asian shares started the week on the back foot on Monday, pressured by a retreat on Wall Street amid tax reform uncertainty.

The euro hit a two-month low against the yen on Monday, as German Chancellor Angela Merkel’s efforts to form a three-way coalition government failed.

Talks to update the North American Free Trade Agreement appeared to be in danger of grinding toward a stalemate amid complaints of U.S. negotiators’ inflexibility, people familiar with the process said on Sunday.

U.S. President Donald Trump would not insist on including repeal of an Obama-era health insurance mandate in a bill intended to enact the biggest overhaul of the tax code since the 1980s, a senior White House aide said on Sunday.

British finance minister Philip Hammond, under pressure to help weakened Prime Minister Theresa May in this week’s budget, promised to speed up house building and said he had some room to help voters despite his squeeze on public finances.

Britain will submit its proposals on how to settle its financial obligations to the European Union before an EU Council meeting next month, finance minister Philip Hammond said on Sunday.

Negotiators at high stakes talks to update NAFTA have so far kept their tempers but are not making much progress on tough U.S. demands that could sink the 1994 trade pact, a well-placed source said on Saturday.

Comdoll-bashing was the theme this week, with the Kiwi getting the worst of it. Another theme was demand for the lower yielders, especially the yen. So, what drove forex price action? Time to find out!