Forex today: Donald Trump Jr. email takes dollar down
Forex today was caught up in a mixed financial and commodities marketplace while Washington took the headlines on the back of Trump Jr's email contact with Russian Lawyers.
The political risk triggered a sell-off in a knee-jerk reaction that hit Wall Street, rates and the greenback. The fiscal agenda delays continue to weigh on the US dollar and stocks were not liking the time frames that companies may have to wait before tax breaks finally arrive. DXY was down -0.29% while the benchmark 10-years are down 0.68% at the time of writing.
The euro broke new highs until supply at 1.1479 while GBP/USD was unable to keep up with its euro counterpart given the bearishness that came of Broadbent's comments that failed to reaffirm the hawkishness from Carney. GBP is ending the day -0.27%. USD/JPY's lower lows went to 113.72, -0.15% on the day. As for the commodity sector, CAD is holding its own on BoC sentiment, although was ending the day down against the greenback, USD/CAD +0.24% on a potential 'sell the news trade'. The antipodeans have the Kiwi selling off, -0.66%. AUD was higher with the copper well bid, ending the day +0.34% at 0.7630.
Key events ahead for Asia
Aussie Westpac Consumer Confidence (Jul)
Key notes from US session
- US Sen. Rep. Leader McConnell: Will lay out a revised version of health care law on Thursday morning
- US: Job openings slip in May - Wells Fargo
- US Senate Intelligence Committee requesting documents from Trump Jr. - Reuters
- Fed’s Brainard: If econ data holds up, would be appropriate to begin shrinking b/sheet soon