What this summer’s trends reveal about where travelers are headed and why.
– Falling commodity prices crush Loonie
– FX markets roiled by US rate hike debate
– US dollar opens mixed, consolidating this weeks gains
USDCAD Snapshot open 1.3092-96, overnight range 1.3090-1.3134, close 1.3117, WTI oil $95.90, Gold $1702.31
The Canadian dollar has picked itself off the canvas after being nearly KO’d yesterday. The Loonie lost over 1.9% between its Asia low and mid-morning in NY yesterday. It was nasty, and due to widespread US dollar demand as traders reacted to speculation, the Fed would raise interest rates by a full percentage point on July 27.
USDCAD soared from 1.2971 to 1.3224 as the triggering of stop-loss trades exacerbated gains in thin summer markets. Plunging oil prices helped fuel the rally as West Texas Intermediate (WTI) dropped to $90.55/b from $96.92/b.
Prices started to recover following remarks by Fed policymakers James Bullard and Christopher Waller. Mr Bullard didn’t sound like he … Read more
The Hang Seng Index in Hong Kong fell 2% as tech stocks declined, and mainland China markets dropped more than 1% after the country’s GDP missed expectations.
In Japan, the Nikkei 225 gained 145.08 points, or 0.5%, to 26,788.47.
Shares of Uniqlo-owner Fast Retailing jumped 8.7% after the company posted a record quarterly profit after the close on Thursday, Reuters reported.
The Japanese yen was at 138.83 per U.S. dollar, after weakening beyond 139 against the greenback on Thursday.
In Hong Kong, the Hang Seng index hurtled lower 453.49 points, or 2.2%, to 20,297.72.
Alibaba’s U.S.-listed shares dropped more than 4% overnight after the Wall Street Journal reported that the company’s executives were summoned by authorities investigating theft of police data. The tech giant’s shares in Hong Kong fell 6% by the end of the session.
Index heavyweights Tencent slipped 3%, and Meituan fell 1.8%.
Bank and real estate stocks … Read more