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Euro in New York

Posted by Joseph Trevisani on Sep 11, 2014 3:21:00 PM

The euro opened in New York at 1.2929 on the high side of its Tokyo/London 1.2897-1.2940 range.

ECB governing board member and President of the Bank of France Christian Noyer's comment in a radio interview that "We succeeded perfectly in what was one of our aims, which we need in order to get back to our inflation target of 2 percent a year: we needed to bring the euro down and we still need to bring the euro down," had dropped the united currency to its low at 1.2898 just after the London open.  

The euro was generally bid in early American trading rising for the first 30 minutes to its U.S. and daily high of 1.2952. Initially lower Treasury yields may have provided some boost along with the weekly jobless claims at 8:30 am, weaker at 315,000 than the 300,000 estimate.

Treasury yields turned higher at about 9:00 am and reached a first peak at 10:00 am which preceded the euro's mid-morning drop to 1.2919 by about 15 minutes.  After than fall the euro rallied quickly back to 1.2952 but the surge could not be maintained, perhaps attributed to German Deputy Finance Minister Meister's criticism of the weak euro policy of the ECB, and it sank back to 1.2930.

A final rally to 1.2945 may have been undercut by Treasury yields which had moved almost uniformly higher in the late morning and early afternoon but the euro slipped only slowly to 1.2922. 

In later action ECB President Draghi's remark that the bank is “ready to take further action
if monetary policy action if needed" pushed the euro down briefly to 1.2915 id produce a brief dip to 1.2915 but it closed almost where it opened at 1.2922. 





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