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Forex Trading: New York Market Summary

Posted by Joseph Trevisani on May 13, 2013 5:24:00 PM


Euro-dollar opened the US session at 1.2988 (8:00 am ET) and drifted down to 1.2975 ahead of the U.S retail sales at 8:30 AM.  The modestly better than expected result (0.1%, expected -0.3%) was due to improvements in autos, building materials and clothing. The euro immediately fell to the day's low at 1.2942 but demand ahead of Friday's low produced a sharp bounce back through pre-release and open levels to the high of the day at 1.3000.  Plentiful offers forced the rate back into the middle of the daily range at 1.2975. Another brief rally brought it back to 1.2989. At that point comments from Jorg Asmussen a German member of the ECB governing board rejecting Wolfgang Schaeuble, the German fianace minister's proposals on banking union, pushed the euro back to 1.2965. News that aid payments to Greece totalling 7.5 billion euros had been approved, did not spark further movement and trading petered out in a five point range on either side of 1.2970.

Chart: Bloomberg

ScreenHunter 1150 May. 13 17.40


Dollar/yen opened the US session at 101.73 (8:00 am ET) and gapped about 20 points higher on the stronger US retail sales figure at 8:30 am to 102.05.  But as on previous attempts today it could not hold the 102.00 level and quickly dropped back to 101.59 where demand in euro-yen (131.90-132.32) blocked the sell off and the rate bounced back to 101.85. A brief dip to 101.70 again found euro/yen demand and the pair slowly climbed back to just under 102.00 where it consolidated for almost three hours before  falling back toward 101.70-75 at the close.

Market News International & WorldWideMarkets

Chart: Bloomberg

ScreenHunter 1151 May. 13 18.04



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