Share This Story
Forex Market News - Trade the News - US Market Update
US Market Update 11:05 EDT
Dow + 81 S&P + 8.70 Nasdaq +19.40
Volume is higher than normal on the quadruple witching and the quarterly S&P index rebalancing today. No major equity headlines before the open, however momentum continues on the strength of earnings released in the last few days. Both ORCL and NKE's surprised on the upside yesterday and are trading higher on the open. Strong sectors today include communications, with VG, S, and VZ all trading up over a percent today. T made an announcement earlier about infrastructure investments in the northeast to improve their network capacity, and is trading slightly positive, and S is the subject of takeover chatter.
Crude slightly down on the day, trading down almost 0.50 today after a strong record setting week. Energy equities are trading mixed but to the upside on the whole despite a seemingly constant stream of evacuation notices and Gulf of Mexico warnings this week.
- The USD rebounded from its worst levels seen in Asia but remain on the defensive during the NY morning on Friday. Currency rhetoric was increasing in volume as the euro managed to hold above the 1.40 into the weekend .
- The EUR/USD managed to break above the 1.41 level for fresh all-time highs, as rumored option barriers failed to cap the USD losses in Early European trading. Euro off its best levels after ECB Bini Smaghi noted that the ECB will intervene on FX when the time is appropriate. This comment was counterbalanced after ECB's Constancio noted the positive aspects of a stronger Euro' since its gains tends to dampen inflationary effects. Constancio added that the ECB does not have a Euro FX target.
- Higher commodity prices helped the CAD hit fresh 31 year highs at 0.9930 against the USD. CAD was knocked off its best levels after its July retail sales data came in at -0.8% M/M, well below expectations of 0.0%. The USD ended the morning session just above parity against CAD (at 1. 0010).
- The Yen was weaker throughout the NY morning. Dealers cited broad based Cross/JPY demand, JPY carry trades as equity markets rose and lastly back of talks of Toushin Japanese investment trust funds being launched. Uridashi bond issues from Japanese securities house also attributed to a softer yen.USD/JPY at 115.50, EUR/JPY at 162.60 and GBP/JPY at 233.30 area.
- This morning the Fed's Kohn commented: Fed is mulling better ways to anchor price expectation, more persuaded on inflation-target benfits
- European bunds were off their worst levels as comments by Morgan Stanley's Roach noted that a US recession may be caused by housing slump, which he put at 40% odds. Dec Bunds off 18 tick at 112.51, Dec Gilts off 37 ticks at 106.57.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."