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Forex Trading: New York Market Summary

Posted by Joseph Trevisani on Apr 22, 2013 5:08:00 PM

EURO 

The euro opened the US session at 1.3048 (8:00 am ET) after trading in a 1.3032 to 1.3117  range overnight. The pair was sent lower just after the New York open by a wave of euro-yen selling prior to the weak March US existing home sales (-0.6%, expected +0.4%, February revised to +0.2% from +0.8%). The euro reached bottom at 1.3015, 9:35 am, just after the equities began and was headed higher when the home sales numbers were released at 10:00 am ET. Euro-yen demand supported the euro after a brief dip below 129.00 but the pair struggled and did not get back over  1.3050 until mid-afternoon, making a brief foray to 1.3069 about an hour before the close. 

Charts: Bloomberg

ScreenHunter 1009 Apr. 22 17.41

ScreenHunter 1010 Apr. 22 17.42


YEN

Dollar/yen opened the US session at 99.73, after trading in a 99.59 to 99.90 overnight range. The pair, along with euro-yen, saw early selling, with dollar-yen testing lows near 99.48 before halting just before the 10:00 am ET existing home sales release.  A weaker than expected number (-0.6%, expected +0.4%) weighed on risk sentiment and any yen shorts and the dollar/yen fell to lows near 98.98 (and the cross to 128.91) before real money demand helped the pair to recover. In early afternoon action dollar/yen tried in vain to hold above 99.40, as the cross flirted with 130.00, and then both drifted lower into the close.

 

ScreenHunter 1011 Apr. 22 17.44

 Market News International and WorldWideMarkets

 

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