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Forex Trading: New York Market, Euro Gains, Yen Slips

Posted by Joseph Trevisani on May 23, 2013 5:18:00 PM


The euro/dollar opened the US session at 1.2887 (8:00 am ET) and was supported
throughout the morning by a general correction in the dollar. Equities opened lower after dramatic losses in Japan and Europe. Slightly better than expected U.S data, jobless claims new home sales offered little support for the dollar and the euro was steadily dragged higher
to 1.2920. As the Dow Jones turned positive just before the London close stops above 1.2925 led to a quick vault to 1.2957, the top for the session and the day. As equities once more turned negative, euro-dollar backed off from the high and consolidated in a 1.2930-45
range.  Jens Weidmann head of the Bundesbank and ECB board member commented that the  ECB can't solve the economic crisis with monetary policy.


ScreenHunter 1202 May. 23 17.26


Dollar/yen opened the US session at 101.65 (8:00 am ET) and initially focused on weakness in equities, and ignored moderately strong U.S data. Dollar/yen made a low of 101.32 and euro/yen 130.81. As the U.S session wore on and the original 120 point loss in the Dow Jones was eradicated a short squeeze from the low of 100.83 brought the currency to just over 101.50. The recovery lasted the rest of the session, working its way back to just above 102.00 and euro/yen to under 132.00. As the equity rally faded the dollar/yen consolidated to 101.75-102.04


ScreenHunter 1203 May. 23 17.27


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