Today..
#IronFX Midday Commentary by Marshall Gittler
One of the quieter days on record. While the #dollar was generally firmer, it was less than 0.1% away from its opening levels against most currencies. GBP/USD was exactly where it opened at this morning in Europe (down to the pip) as September mortgage approvals came in line with estimates. AUD/USD, which had been the biggest mover overnight, was similarly becalmed. The dollar continued to gain against #SEK on the momentum from yesterday’s disappointing Swedish retail sales, while USD/CAD moved down slightly, maintaining the momentum that got started during the Asian afternoon. But even these moves were barely noticeable. We expect though that as usual, things will get a bit livelier when New York opens for business. The trend recently has been for New York to buy the dollar.
There was more movement in metals, however. #Gold and #silver declined on the firmer dollar. On the other hand, copper rose after orders to remove supplies from warehouses jumped and warehouse inventories continued to decline. The demand for #copper seems to be driven by rising interest rates in #China, which creates an incentive to use the metal as collateral for loans.
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