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Forex: New York Euro Summary--A Quiet End to the Week

Posted by Joseph Trevisani on Jul 26, 2013 4:01:00 PM

The euro opened U.S. trading at 1.3265 (8:00 am) after a narrow 1.3261-97 range in lackluster Asian and European sessions. The London market made two half-hearted attempts at 1.3300, reaching 1.3297 briefly and then 1.3294 about 90 minutes later. The offers at 1.3300 have yet to be tested and the euro has not touched that level since crossing it on June 19th running down from the five month high at 1.3417 the prior day. That slide ended at 1.2755 on July 9th.

Initially the euro drifted lower reaching the day's low of 1.3252 about 30 minutes after the open.  But the buying at 1.3250 quickly pushed the market higher and traded at 1.3275 just before the 9:55 am release of the July final University of Michigan consumer confidence data. The headline number was better than consensus, 85.1 vs. 84 and the two component indices split. July's current conditions improved on June 98.6 vs. 93.8 and expectations was slightly worse, 76.5 vs. 77.8. The market briefly pushed lower to 1.3265, but when that failed it turned and raced up to the day's top at 1.3294 within five minutes.  There was no attempt at the offers at 1.3300 and the market turned around and fell back to 1.3275 as quickly as it had flashed higher then fell off gradually to 1.3255 just before the London close at noon.

At the close there was a quick 10 point jump to 1.3273 and the trading settled around 1.3280 until news the report that Standard & Poor’s had affirmed Slovenia's credit rating gave the Euro a quick 20 pip rally to 1.3290 but this too ran out of energy and five points on either side of 1.3280 marked the remainder of the session.


The ECB meets on Thursday August 1st and the Fed meets on Tuesday and Wednesday July 30th & 31st.



Chart: Bloomberg

ScreenHunter 1512 Jul. 26 16.33


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