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Not everything goes better with Coke

Forex 4 minutes to read
Michael O’Neill

FX Trader,

Summary:  Wall Street doesn’t know if it should laugh or cry today, so it’s doing a bit of both. In FX the US dollar came to life in New York trading, posting gains across the board against the G10 major currencies.

The DJIA, S&P 500  and Nasdaq have squeaked a tad higher in early trading. Coca Cola (KO: NYSE) shareholders are smiling after the company reported forecast-beating earnings and revenue results. Shares rose 2.63% as of 14:00 GMT. But not all things go better with Coke. Hogs and Tide are two of them. Proctor and Gamble (PG: NYSE) reported better than expected results, but investors weren’t impressed. The stock is down 3.1% in early trading.

Harley Davidson (HOG: NYSE) couldn’t get its motor running despite reporting earnings per share above analysts’ forecasts. That’s because the results were nearly 27% below last year’s and EU tariffs are largely to blame. The results raised the ire of President Trump who tweeted “Harley Davidson has struggled with Tariffs with the EU, currently paying 31%. They’ve had to move production overseas to try and offset some of that Tariff that they’ve been hit with which will rise to 66% in June of 2021.” @MariaBartiromo So unfair to U.S. We will Reciprocate!”

The US dollar came to life in New York trading, posting gains across the board against the G10 major currencies. GBPUSD erased all of yesterday’s New York gains and added to the losses in the process. US traders may be worried that renewed speculation of Theresa May’s ouster increases the risk of a no-deal Brexit.

USDCAD is climbing, and the surge in WTI oil prices to just below their overnight peak hasn’t done anything to stymie demand. Traders also ignored better than expected Canadian Wholesale Sales data as broad US dollar gains dictating direction. Traders are looking ahead to Wednesday’s Bank of Canada monetary policy statement and quarterly Monetary Policy Review. Analysts suggest the BoC statement will be dovish while the MPR will downgrade growth forecasts.
Chart:GBPUSD 30 minute. Source: Saxo Bank
Chart: GBPUSD 30 minute. Source: Saxo Bank


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