US FX Handover: FX Markets Groggy in Return from Long Holiday Weekend
May 28, 2019 3:49 PM
See a summary of the top FX themes and trends from today's US session!
- Chinese media reports that China is “seriously considering” restricting rare earth exports to the United States in the next stage of US-China “technology cold war.”
- US data: Housing prices rose 2.7% y/y in March according to Case-Shiller, while Conference Board Consumer Confidence rose to 134.1, it’s highest level since November.
- Despite the decent data, 10-year US treasury yields dropped to 2.27%, their lowest level since September 2017.
- The aussie was the strongest major currency on the day, while the Swiss franc brought up the rear.
- The loonie was the second weakest major currency today with crude oil inching higher but nonetheless on a slippery slope. Tomorrow brings the Bank of Canada meeting, where no change to interest rates is expected.
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