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Forex Trading: New York Market Summary

Posted by Joseph Trevisani on Apr 19, 2013 4:57:00 PM


The euro opened the US session at 1.3084 (8:00 am ET) after trading in a 1.3047 to 1.3117 range in London and Tokyo. The pair saw an early morning run up to 1.3129 on comments from ECB governing council member and Bundesbank President Jens Weidmann who said that interest rates are "currently appropriate". This seemed to counter his comment earlier in the week in a Wall Street Journal interview that suggested a rate cut could be possible if the Eurozone economy did not improve.

A bout of yen cross selling and position squaring in the 45 minutes before the London close at noon (New York) weighed on the euro as UK and eurozone players ended the week. In addition a fast-paced sterling slide that came just ahead of the Fitch downgrade of UK debt to AA+, stable outlook, prompted some euro selling also.  The euro bottomed at 1.3054 just after the European close and then gradually edged back the way it had come touching 1.3081 just after 1:30 pm. The pair could not maintain the level and slid the rest of the session to 1.3047, perhaps weighed on by scattered reports that Pier Luigi Bersani, the head of the Italian center-left Democratic Party was set to resign.  At 4:50 pm ET the euro ran up to 1.3067 and then as quickly retreated with no known catalyst for the move.

Chart: Bloomberg

ScreenHunter 1002 Apr. 19 17.29


Dollar-yen opened the US session at 99.29, after a 98.11 to 99.34 earlier range. The pair traded between 99.10 and 99.35 until noon with one dip just before 10:00 am ET to the New York low of 98.96. At the London close the currency saw a quick drop from 99.30 to 99.10 and it remained  under 99.20 until around 4:00 pm when it raced up 30 points in a manner of minutes to 99.69 and stayed near 99.50 to close at 99.52.  The eur/yen cross rallied to 130.25 a few points over the earlier high of Y130.24, seen in early US action.

The G-20 official communique from the meeting in Washington repeated what Japanese Finance Minister Aso had already said that that the G20 did not oppose Japan's policies.

Chart: BloombergScreenHunter 1003 Apr. 19 17.46


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