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Forex today: dollar bid and commodities down, stocks mixxe

While we await the US jobs report this Friday, it was a familiar mood and forex today was good for dollar bulls, +0.16% in the DXY at 93.32 at the time of writing while US short-term yields pushed higher again with the ten years benchmark currently at  2.3723% -0.75% within a range of between 2.3509% and 2.3937% after a close of 2.3545% on Monday.

London bid up the dollar with plenty of optimism still circulating over the tax bill passing through Congress that continued to lend some support to the greenback. Data, while missing expectations, was at least still growing, albeit, at a slower rate in November. Still, the dollar was pretty much unphased, only sliding towards the closing hours of the NY shift while the euro kept sliding 76 pips between Asia, London and NY to a low of 1.1800.

Sterling was a solid performer despite the recent dragged out round of Brexit negotiations this week and the soft PMI services result in the UK shift. GBP/USD recovered from a low of 1.3370, some way below the 200 hourly SMA at 1.3401 to a high of 1.3460, capped at the 4-hour 10 SMA. USD/JPY can't get a close above the pivotal 112.79 Kijun, capped at 112.86 and the 200 4-hr SMA at 112.99. 

As far as commodities went, prices fell on the back of a strong dollar making for weaker industrials (copper collapses and iron-ore slips) and softs, although oil managed to lift a touch (0.7%). AUD/USD fell after gains made on the back of the RBA as a result, from 0.7654 to 0.7596 and the Kiwi fell from 0.6908 to 0.6851. Stocks were mixed.

Key events ahead in Asia

New homes sales and GDP Q3 m/m and y/y. 

Key notes from US session

  • Wall Street closes the day with modest losses
  • WH Spokeswoman: Government shutdown always a possibility
  • Gold hits 2-months lows, tests $12600

 

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