Forex news for North American trade on September 28, 2018:


  • Gold up $9 to $1191
  • WTI crude up $1.41 to $73.55
  • US 10-year yields up 1 bps to 3.06%
  • Italy 10-year note yields up 26 bps to 3.15%
  • S&P 500 flat to 2913
  • CAD leads, CHF lags

Another month and quarter comes to an end. Here’s how different currencies performed during Q3 and during September.

The story Friday was quarter-end flows and, as the models predicted, the dollar was sold due to the outperformance of US equity markets in the quarter among other things. The heavy selling came into the London fix and that helped cable stave off a drop below 1.3000 as it sent USD 30-60 pips lower across the board in one of the bigger month-end fixing moves in recent memory.

EUR/USD rebounded from 1.1575 to 1.1629 on the fix but after the move it began to slowly sag lower to finish at 1.1600. It was a rough day overall for the euro after Italy’s government announced a larger deficit target.

USD/JPY finished at the highs of the day and the highest since December 2017. The trend higher on the chart has been beautiful since falling to 110.50 in early September.

USD/CAD absolutely fizzled in a drop down to finish at 1.2908 from 1.3050 in Asian trading. A stronger GDP reading along with the broad USD slump hurt the pair badly. The momentum might continue into the new week as well as Mexico signals it will make a stand on a trilateral deal.

AUD/USD and NZD/USD also caught a bid on broad USD dollar selling but the gains faded later.

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