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New York Euro Summary

Posted by Joseph Trevisani on Jul 19, 2013 4:48:00 PM

The euro opened in New York (8:00 am)  at 1.3125 and traded within a very limited range of 1.3102 -1.3133 for more than two hours. With no economic releases in Asia, Europe or the United States today and the pending Japanese upper house election on Sunday and it being the final session of the week, there was little incentive for traders to take new positions and few old positions to close.  Euro-yen sales helped push the euro to 1.3102 before demand against the dollar and the yen brought it back to 1.3130. The euro has been in a 1.3000-1.3150 range for more than a week (July 11th), though the dolla has generally offered as a result of the Fed talking campaign to keep the market perception of quantitative easing intact.

The US 10-year Treasury yield slid below 2.50% to close at 2.48% keeping the dollar on the defensive. Governor Kuroda said that the Bank of Japan would "continue with powerful easing" and this helped give the euro a run to 1.3154,  bouyed by eur/yen buying and comments from ECB's board member Constancio that no August ECB rate move was likely.  Offers at 1.3150 quickly drove the currency back to 1.3135 as euro/yen proved unable to break 132.00.

The session closed in an extremely narrow 1.3135-45 range.


Chart: Bloomberg

ScreenHunter 1454 Jul. 19 16.52



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