Market News

European Union leaders welcomed a proposal by British Prime Minister Theresa May aimed at unblocking Brexit talks, but said concessions to ease the fears of EU citizens living in Britain were not enough.

Prime Minister Theresa May urged the European Union on Thursday to break the deadlock and move forward with Brexit talks, asking the bloc’s leaders to respond with “urgency” on easing the fears of their citizens living in Britain.

JPY and CHF fought it out as risk aversion rampaged during today’s morning London session. Meanwhile, NZD extended its losses because of politics and GBP got whupped by poor data.

Howdy, forex friends! We will be getting Canada retail sales and CPI reports tomorrow, so there’s a very good chance that CAD may get a volatility infusion.

New Zealand’s next prime minister will be Jacinda Ardern, whose Labour party won the support of a small nationalist party to form the government, spelling big changes for a small but open economy, whose currency hit a 4-1/2-month low on the news.

The euro climbed to a three-day high on Thursday on hedging-related demand from bond investors before a European Central Bank policy meeting next week, though political uncertainty around Catalonia crimped gains.

New Zealand’s Labour leader Jacinda Ardern will form the country’s next government after gaining the support of a small nationalist party holding the balance of power following an inconclusive Sept. 23 election.

The comdolls had a busy day with Australia and China printing top-tier reports while New Zealand welcome a new Prime Minister.

President Donald Trump’s drive to overhaul the U.S. tax code headed for a pivotal moment on Thursday, with Senate Republicans poised to approve a budget measure that would help them pass tax legislation without Democratic support.

Oil prices were firm on Thursday, supported by ongoing supply cuts led by OPEC, tensions in the Middle East and lower production in the United States as a result of hurricane-enforced closures.

Dollar domination from the previous trading session carried on for the rest of the day as the currency shrugged off downbeat housing reports.

U.S. homebuilding fell to a 1-year low in September as Hurricanes Harvey & Irma disrupted the construction of single-family homes in the South, suggesting housing probably remained a drag on economic growth in the 3rd quarter.

President Donald Trump on Wednesday backed away from a bipartisan deal from two U.S. senators to stabilize Obamacare by restoring subsidies to health insurers, one day after signaling his support for the plan.

Canadian manufacturing sales unexpectedly increased in August, rising the most in eight months, on higher sales of vehicles and parts, as well as petroleum and coal products, data from Statistics Canada showed on Wednesday.

Lots and lots of action in today’s morning London session, with USD charging higher and JPY getting crushed underfoot. GBP, meanwhile, tossed and turned because of the U.K.’s jobs reports.

U.S. President Donald Trump has interviewed several top prospects for the post of Chair of the Federal Reserve. A nomination could come within weeks as the term of current Chair Janet Yellen ends in February 2018.

The dollar climbed for a fifth consecutive day on Wednesday as higher U.S. Treasury yields triggered a squeeze on investors who have been broadly bearish on the greenback in recent weeks.

A chastened Angela Merkel warned her conservatives they must compromise to forge a nationally untested alliance in Germany as she heads into talks with other parties on Wednesday.

The dollar edged higher on Wednesday, as markets awaited further news on the possible appointment of a hawk as Fed chair and progress on U.S. tax reforms.

Sterling edged lower ahead of British employment data due on Wednesday that will help determine whether the Bank the England will raise interest rates.