Forex News Dollar fell as FX markets had little to trade on, with euro benefitting from lower US stocks, higher oil prices; "The barrage of market-moving developments last week have left players a bit battle-worn, awaiting news to trade off of," said Michael Woolfolk, a senior FX strategist at The Bank of New York Mellon; "While the markets' attention remains on whether crude oil prices continue their plunge, the dollar will remain sensitive to stock prices and earnings releases."
Late Monday in New York, EUR/USD 1.5898 vs 1.5838 late Friday, USD/JPY 106.72 vs 106.96, GBP/USD 1.9990 vs 1.9972, USD/CHF 1.0202 vs 1.0225. EUR/JPY 169.67 vs 169.40, earlier hit record high of 169.89. Stocks fell after early rally in financials wilted mid-session, plus consumer-discretionary stocks pared some of last week's gain on higher oil prices; Bank of America +3.9% after 2Q earnings exceeded expectations; Fannie Mae added 5.5% but off early highs, while Freddie Mac fell 4.7%. Dow down 0.3%, Nasdaq down 0.14%, Philly semicons off 1.1%. Long-dated Treasurys rebounded as US stocks failed to hold on to early gains; 2-year yield +2.1 bp at 2.64%, 10-year down 2.2 bp at 4.06%. Nymex August crude rose $2.16 to $131.04/bbl - first rise in 5 sessions - as Dolly became first tropical storm of the year to enter the Gulf of Mexico. Comex August gold rose $5.70 to $963.70/oz on buying prompted by weaker USD, higher oil prices.
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