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Euro in New York

Posted by Joseph Trevisani on Jul 17, 2014 5:38:00 PM

The euro opened In New York at 1.3526. Tokyo and London traded 1.3521-1.3540 with no catalyst for selling despite clear negative sentiment. 

Soft US housing starts and building permits in June (893,000 vs expected 1.020 million, 963,000 vs expected 1.035 million) confirmed that the weakening construction side evident last month has worsened. Starts have now fallen 16 percent in three months.  The Philadelphia Fed Business Outlook Index for July scored strongly at 23.9 on a forecast for 16.0, the best reading since March 2011. New Orders at 34.2 had the best month in a decade

The euro saw a brief rally to 1.3535 after the open, then fell to 1.3523. It rose to 1.3530, dropped to 1.3517 and then climbed back to 1.3533 at the London close aided by reports, fragmentary at first, that a Malaysian Boeing 777 had been shot down over the Ukraine. The price action was brisk but without direction buffeted by news reports with no lasting impact. 

This report, later confirmed and the Israeli ground operation in Gaza sent the equities reeling. The Dow dropped 161.39 points, 0.94 percent, the S&P 500 sank 1.18 percent to 23.45 percent and the NASDAQ slipped the most 63.52 points or 1.41 percent. The Vix soared 32% to 14.52. Currencies, in contract, barely moved with the euro closing against the dollar at 1.3526, exactly where it had opened. 

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Chart: Bloomberg



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