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London Market Wrap

Posted by Joseph Trevisani on Mar 14, 2013 9:09:00 AM




The euro edged lower to 1.2920 the three month low and broke the monotonous 40 pip trading range of 1.2975 and 1.2935 as the dollar continued to gain on Thursday after yesterday's strong U.S. retail sales data. There is increasing optimism that the U.S. economy is on a recovery path and may withstand any fiscal tightening.

The dollar index gained across the board and rose 0.1 percent on the day to 82.996 against its basket of currencies, not far from the seven-month high of 83.055.


Dollar yen rose by 60-points in Europe to 96.53 from 95.93 while Euro-yen rose 110 points to 125.25 from 124.15 as the yen weakened for a second day after Japan’s lower house of parliament endorsed Haruhiko Kuroda as the next head of the Bank of Japan. Mr Kuroda advocates increased stimulus measures and more monetary easing.


The Swiss Franc fell after the Swiss National Bank (SNB) said that the Eurozone crisis could resurface and potentially drive investors back into buying the swiss franc on safe-haven moves. The SNB also announced and re-emphasized its determination to defend the cap of 1.2000 level on euro-swiss.

Euro-swiss rose to 1.2367 from 1.2330. However, profit taking pushed it back to its former level of 1.2340.


Chris Advincula

Market Strategist


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