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Forex Trading: New York Market Summary

Posted by Joseph Trevisani on Apr 16, 2013 5:41:00 PM


The euro opened the US session (8:00 am ET) at 1.3115, after trading in a 1.3028 to 1.3148 range in London and Tokyo. Despite disappointing German ZEW data released earlier, the euro was supported against the dollar and the crosses, especially euro-yen. After testing 1.3150 in early US action, the pair slipped to 1.3110/15, where it found solid support. A new push higher in euro-yen saw the euro break above earlier high, as well as the February 28 high at 1.3163, activating stops over 1.3170 around midday to post a high near 1.3184. A new wave of buying propelled the pair to 1.3199, but offers at 1.3200 capped the run.  Later, the euro managed to reach 1.3202, but quickly dropped back below the figure and trailed lower to 1.3180 at the close.

Chart: Bloomberg

ScreenHunter 975 Apr. 16 17.53



Dollar-yen opened the US session (8:00 am ET) at 97.80 after trading in a 95.80 to 98.01 range in the Asian and European sessions. Dollar-yen spiked higher in early action, topping out around 98.16 just before 10:00 am and the sliding  down to a range of 97.70 to 97.97 for the balance of the morning.  The pair drifted lower to 97.50 as UK and Eurozone players squared before heading home. A futher bout of dollar selling caused the pair to dip to 97.34 in early afternoon action before recoverng.  The subsequent rally to 97.78 soon fizzled, euro-yen tested highs near 129.03 and then faded, and dollar-yen again drifted lower into the close.

Chart: Bloomberg

ScreenHunter 976 Apr. 16 18.01

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