By Andrew C. Collins | BANNOCKBURN Global Forex LLC
Quite a week in currency markets – let’s hit the highlights.
- Bank of England raises rates a quarter point to 0.5% but signals that will be the last hike for a while. GBP gets crushed.
- FOMC leaves rates unchanged – market still expects a hike at the December meeting, the last of 2017.
- Dollar performs quite well overall, equity markets extend their broad-based rally.
- President Trump nominates Jerome Powell to replace Janet Yellen as Fed Chair.
- Department of Labor releases its monthly payroll report and its softer than expected, but the economy still grows by 261,000 jobs and the unemployment rates drops to a 17-year low at 4.1% (prepare to get really poor service at your local restaurants).
- Crude oil rally continues, supporting CAD.
- Speaking of supporting the CAD, Canada releases its own payroll report and it’s a bang-out number – 35,300 new jobs versus 15,000 expected. The loonie rallies.
- And speaking of bang-out, Apple releases strong earnings and nears $1 trillion in market cap.
- Finally, the Houston Astros win the World Series – and what a World Series it was.
- See below for weekly performance of various currencies against the USD, and further below for the YTD scorecard.
Compliments of BANNOCKBURN Global Forex LLC, a member of the EACCNY