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Forexlive Americas FX news wrap: US stocks rally but fall for seventh straight week


Markets:

  • Gold up to $3 to $1,844
  • US 10-year rates down 7 basis points to 2.79%
  • WTI crude oil up 95 cents at $110.83
  • S&P 500 up 0.1%
  • Nasdaq -0.3%
  • NZD leads, EUR lags

The S&P 500’s weekly decline was the seventh in a row, which is the longest streak since 2001. The worst streaks were 8 weeks in 2001 and 1970. I have attached returns before after 6, 7 and 8 weeks below. below compound advisors.

There’s a lot of focus on equities right now. The S&P 500 opened higher then fell more than 2% at the low, but rallied very late in the day to end slightly higher.

Interestingly, the correlation with FX has broken down. The Dollar was generally weaker today and the Yen crosses were significantly higher. This is a change from the recent trend.

Bonds also offer a different tone with yields falling for the second week in a row. This could reflect risk aversion, but it at least suggests that deleveraging has run its course, at least for now.

In terms of intraday moves, it was a chop in FX. Price action was ultimately sideways across most fronts in New York trading, although Cable closed near the highs and Euro closer to the lows.

There was a stable kiwi supply. Along with the Australian dollar, it tested Asian lows and held, then rose.

The CAD lagged behind its cousins, but not dramatically. Oil was again higher as the incredible resilience continued. This hasn’t been much help for the loonie as housing concerns rise. Note that Canada is off Monday for a public holiday.

Have a good week-end.

Forexlive Americas FX news wrap: US stocks rally but fall for seventh straight week


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