- Gold up $8 to $1255
- S&P 500 up 16 points to 2382
- US 10 year yields flat at 2.23%
- WTI crude up $1.02 to $50.36
- EUR leads, USD lags
The US dollar slowly wilted in New York trade on Friday, especially against the euro and Canadian dollar.
One of the reasons for weakness were the comments from Bullard. He’s the first Fed official to acknowledge the obvious — that data has been disappointing and a June Fed hike might not be the best idea. The dollar was slow to react because he’s such a dove but the comments weighed.
EUR/USD struggled ahead of 1.12 for hours then finally broke through and touched a high of 1.1212 before finishing at the figure. It capped a huge week for the euro, which has been on the march from 1.06 at the time of the first round of the French election.
Cable finished above 1.30 to help cement its hold on a new range. The mystery flash crash yesterday was completely erased but it couldn’t break above Thursday’s high.
USD/CAD sank in large part due to the 2% climb in oil prices as WTI rose above $50. Weak Canadian data and worries about housing were brushed off ahead of a long weekend in Canada. Bids at 1.3500 held, but just barely.
USD/JPY spent the entire day chopping in the 111.00 to 111.70 range. It tried both sides a few times but continued to run into sellers and finishes at 111.25. A downtick in stocks and USD/JPY came late in the day on the Washington Post story and surely the weekend (and week ahead) will be all about the latest political bombshells.
Have a great weekend.