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Forex news for North American trade on October 7, 2021:
Markets:
- Gold down $7 to $1755
- US 10-year yields up 4.5 bps to 1.57%
- WTI crude up $1.40 to $78.83
- S&P 500 up 36 points to 4399
- AUD leads, JPY lags
It was looking like a bit of a dud day ahead of non-farm payrolls but equities and the FX market came to life, in part due to a big reversal in oil prices. The US put to bed some of the SPR talk from yesterday and crude impressively rebounded nearly $4 from the lows.
That turn weighed on USD/CAD, sending it to a one month low below 1.2550 and through some support near there.
AUD also tied up a nice day leading the way in a rally above 0.7300. There was some early back-and-forth in Europe before the decisive move higher.
As usual, sterling joined along with the commodity currencies as it erased most of yesterday’s decline.
Higher yields helped to lift USD/JPY as that pair climbed to 111.60 from 111.40 in a 20 pip move.
The euro wasn’t taking much of cue from anything as it consolidated around 1.1560.