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Euro in New York

Posted by Joseph Trevisani on Oct 6, 2014 3:40:00 PM

The euro opened in New York  at 1.2557 (8:30 am) just below and a few minutes after the European high of 1.2570.

From the open yesterday evening in Sydney and Auckland  at 1.2512 then moving into Tokyo, the united currency had ticked marginally higher reaching 1.2520 by the London open. European action continued the gradual run, pressing higher and never threatening the solid bids at 1.2500, which have yet to be seriously tested. 

Early New York trading saw a drop to 1.2544 before the buying resumed and this continued to 1.2595  with a few minor pullbacks until a few minutes before the London close. 

Trading followed a compact pattern for most of the  European and American sessions, 20-30 point gains followed by a brief fall and then resumption of the rise. 

The initial European high of 1.2570 saw some new intra-day short positions, the September 30th high had been 1.2570, which became the N.Y. low at 1.2544.

Poor German factory orders for August (-5.7%, expected -2.5%, Julu 4.9%) were ignored and there was no important U.S. data.

The breech of 1.2600 ignited a few stops which ran to 1.2615 and  shortly thereafter 1.2620 fired more which coursed to 1.2652. The fall after went  back to 1.2620, a classic stop reversal but buying pressure eventually prompted another surge late inthe afternoon which  brough the euro to its top of 1.2675. 

The euro closed at 1.2655.



Chart: Bloomberg

eur min oct 6


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