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Forex: New York Euro Summary

Posted by Joseph Trevisani on Oct 21, 2013 5:23:00 PM

The euro opened New York trading at 1.3674 (8:00 am) after moving in a 1.3666-1.3686 range in the Asian and Europe.  The euro was offered in early New York slipping between 1.3662 and 1.3669 in the first hour until minor stops below 1.3660 were triggered driving to 1.3651.

Demand at 1.3650 quickly brought the market back to 1.3660 by 10:00 are when the release of slightly weaker than expected U.S. existing home sales for September (5.29 million annualized vs. 5.30 million, August's revision to 5.39 million from 5.49 million) snapped the market to 1.3669. It fell back to 1.3660 then stretched to 1.3675 just before the London close.

Klaus Knot, the head of the Dutch Central Bank and a member of the ECB governing council commented that "I don't see a convincing reason at the moment to contemplate an LTRO, and it is not on the table." That gave the euro a short lived flurry to 1.3678, followed by a drift back to 1.3670. Interest in the crosses in the afternoon helped market the euro back to 1.3691, but there was no challenge of 1.3700 or the sell orders layered beneath the February 1st high at 1.3711 and the euro subsided back to 1.3676 and ranged between 1.3675 and 1.3680 for the balance of the session, closing at 1.3681.

With the delayed September Employment Situation Report, including non-farm payrolls to be released tomorrow morning at 8:30 traders were not going to force the reported stops lying above 1.3711. If payrolls are appreciably weaker than the 180,000 forecast those stops are not likely to last very long.

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