U.S. Dollar
Trading (USD) Economic data and Equities took a backseat to the Oil show yesterday.
Geopolitical Concerns stemming from Russia/US sabre rattling sent Oil through the roof up over $6 a barrel at one stage. Initial Dollar weakness was seen in the Asian session as US banking concerns sent the Yen surging. Weekly Jobless Claims eased slightly to 432K from 445K previous and Leading Indicators dropped to -0.7% in July vs. expectations of -0.2%. The August Philly Fed Manufacturing Index recovered to -12.7 from -16.3 in July. In the U.S. share markets, the NASDAQ was down 8 points (-0.36%) and the Dow Jones was up 12 points (0.11%). Crude Oil closed up $5.62 ending the New York session at $121.18 per barrel. Looking ahead, Fed Chief Ben Bernanke speaks tonight on Financial Stability.
Trading (USD) Economic data and Equities took a backseat to the Oil show yesterday.
Geopolitical Concerns stemming from Russia/US sabre rattling sent Oil through the roof up over $6 a barrel at one stage. Initial Dollar weakness was seen in the Asian session as US banking concerns sent the Yen surging. Weekly Jobless Claims eased slightly to 432K from 445K previous and Leading Indicators dropped to -0.7% in July vs. expectations of -0.2%. The August Philly Fed Manufacturing Index recovered to -12.7 from -16.3 in July. In the U.S. share markets, the NASDAQ was down 8 points (-0.36%) and the Dow Jones was up 12 points (0.11%). Crude Oil closed up $5.62 ending the New York session at $121.18 per barrel. Looking ahead, Fed Chief Ben Bernanke speaks tonight on Financial Stability.
The Euro (EUR) had an initial foray into the 1.48’s early in the European session which was sharply repelled by mixed European data. August German Manufacturing PMI slipped below 50 to 49.9 from 50.9 in July. German Services PMI also slipped to 50.6 from 53.1. Eurozone PMI data surprised to the topside though, ticking higher to 47.5 in August vs. 47.4 in July. The surge in Oil provided the stimulus for the second 1.48 attempt which proved successful with spot settling just below 1.4900. Overall the EUR/USD traded with a low of 1.4731 and a high of 1.4897 before closing the day at 1.4890 in the New York session. Looking ahead, Eurozone June Current account forecasted at -2Billion and June Industrial Orders are expected at -1.1%.
The Japanese Yen
(JPY) broke through 109.50 as stock losses mounted and the Dollar weakened. Downside Momentum into the European Session saw support at 109 and 108.50 broken before some heavy cross buying finally brought the decent to a halt. Overall the USDJPY traded with a low of 108.13 and a high of 109.86 before closing the day around 108.50 in the New York session.
(JPY) broke through 109.50 as stock losses mounted and the Dollar weakened. Downside Momentum into the European Session saw support at 109 and 108.50 broken before some heavy cross buying finally brought the decent to a halt. Overall the USDJPY traded with a low of 108.13 and a high of 109.86 before closing the day around 108.50 in the New York session.
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