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Forex:  Euro Marginally Higher to 1.1175 Range bound in Thin Easter Holiday Market

Posted by Chris Advincula on Mar 25, 2016 7:17:23 AM

EURUSD: (Mar 25 Friday) The euro made a small rebound in Europe to the high of 1.1176 after dipping to the low of 1.1154 (+22 pips) in a very thin and quiet market with most European market participants away for the Easter holiday. The US dollar is slightly lower. European stock and equity markets are closed today. 

GBPUSD: The pound rose to 1.4155 high from 1.4106 (+50 pips) against the dollar with rather exaggerated moves in a typical thin market in the absence of market participants. Spreads are wide. 

USDJPY: The yen initially fell against the dollar as the USDJPY rate rose from 112.75 to 113.30 in Tokyo (+55 pips) after Japan's CPI numbers were lower than expected. March Core CPI was -0.3% versus -0.2%. Tokyo core fell the monst in almost 3 years. Japan stocks also lent support for USDJPY. Nikkei closed higher +0.65% to 17,002. However, the USDJPY gains were unsustainable and the rate fell into early Europe to the low of 112.88. Trading has otherwise been thin overall, and the ensuing range is a narrow 10 pips.

USDCHF: The market for USCHF is also very thin with exaggerated sharp moves and wide spreads. With liquidity scarce, the high on the chart is 0.9783 and low 0.9725 (-58 pips) as there was very little incentive to trade the USDCHF. EURCHF High  1.0914 Low 1.0875

Chart.3.25.2016.jpg

Topics: $USDJPY, GBPUSD, EURUSD, USDCHF, Japan, European Session

 

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