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Forex Trading: New York Euro Summary

Posted by Joseph Trevisani on May 30, 2013 6:24:00 PM

The euro began opened New York at 1.2952 (8:00 am ET) just above the 1.2942 low of fifteen minutes earlier. The market was largely stationary in the run up to jobless claims and GDP at 8:30 am. Though the releases were only marginally worse than expected, claims 354,000 versus 344,000 and GDP 2.4% versus 2.5%, the euro moved rapidly higher, to 1.2995 within fifteen minutes and then, following a drop to 1.2972 it moved rapidly back to ascent.  After breaking the European high of 1.3006 in a very quick push from 1.2980, stops propelled a sharp spike to 1.3049 at 9:30 am. Trading initially recoiled from the offers at 1.3050 and above sliding back to 1.3021, but the overall buying trend almost immediately reasserted and within half an hour the euro topped at 1.3061. The balance of the day saw a desultory  exchange between 1.3036 and 1.3056 with the bulk of the action between 1.3040 and 1.3055. 

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Chart: Bloomberg

ScreenHunter 1220 May. 30 18.59

 

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