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Forex: U.S. Euro Summary

Posted by Joseph Trevisani on Oct 7, 2013 6:50:00 PM

The euro opened at 1.3568 after being unable to hold the European high at 1.3591 and over three hours descending in 10 point drops first to 1.3580 and then 1.3570 with prolonged back and forth trading at each support.  For the first two hours of the New York session the euro held to a similar performance trading in a 15 point range between 1.3560-75.

Various media reports that political deals between the Democrats and Republicans and President Obama were in train that would either permit the Federal government to reopen or enact an increase to the debt ceiling gave the dollar a quick 25 point run 20 minute run just after 10:00 am to 1.3543 the day's low. 

Modest risk buying, the Dow rose on the reports also, was quickly proved insubstantial and the dollar gain rapidly reversed, taking euro back to 1.3585 in about an hour. Another brief drop to 1.3569 just at the London close at noon was the last spurt of activity. Afternoon trading was almost wholly limited to 10 points around 1.3575.


Chart: Bloomberg

ScreenHunter 1873 Oct. 07 18.50



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