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Forex Trading, Market News & Technical Analysis

Euro Surge

Posted by Joseph Trevisani on Mar 19, 2013 3:26:00 PM


Euro spiked from 1.2860 to 1.2923 in under a minute and was paid at 1.2925. It is possible that the euro got a lift from an ECB statement that said it will provide liquidity to Cyprus within its existing rules. It is difficult to know at exactly what time the information was available to bank trading desks.  But the price action looks more like either a brief large purchase or a mistaken trade on one of the automated dealing systems, EBS or Reuters rather than a news inspired item primarily because of the lack of follow through.

The euro moved from 1.2860 to 1.2923 in one minute (3:14 ET, see chart below) closed at 1.2911 and immediately fell back below 1.2900.  There has been no comment from either Reuters or EBS.

Currently 1.2892-95 

Chart: Bloomberg

ScreenHunter 777 Mar. 19 15.53 resized 600


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