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New York Euro Summary

Posted by Joseph Trevisani on Aug 8, 2013 5:03:00 PM

EURO

 ScreenHunter 1632 Aug. 08 19.51

The euro opened in New York at 1.3363 (8:00 am). Overnight data included well than expected Chinese trade figures (July exports 5.1% vs. 2.0%, imports 10.9% vs. 1.0%), weak Spanish June industrial production (-1.9% vs. -1.2%), and terrible Greek May unemployment 27.6% vs. 26.9% with youth unemployment at 64.9%. The Chinese data could have given the euro some support, China is a large trade partner of the EMU, the other two were unequivocally  bad news but the euro soldiered higher throughout Asia and Europe, moving from the yesterday's New York close at 1.3336 to today's open at 1.3363.

Slightly better U.S. jobless claims at 8:30 am were ignored and for the first two hours the euro moved in a very limited range 1.3353-1.3375. As yesterday the euro responded to general dollar weakness and specifically dollar/yen declines. The approach of the previous intra-day high of 1.3369 shortly before 10:00 am this time prompted a quick run through that paused briefly at 1.3370 and then continued quickly higher to consolidate around 1.3390 with one short lunge to the day's top at 1.3400. Afternoon trading was limited to a 10 point range between 1.3382 well supported by bids and 1.3392.

Comments from Dallas Fed President Richard Fisher that tapering should start in September were largely ignored as repeat news.

 

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