Forex news from US trading for April 13, 2015:

The US dollar was generally slugging in NY trading. The big move of the day came after the comment from Hamada regarding purchasing parity. The reaction was over-sized for something that can brushed off but the market may have been thin and USDJPY dropped to 119.70 from 120.50 in a flash. It rebounded almost all the way back in the next couple hours but then sagged back to 120.00 as stocks slid.

EUR/USD touched 1.0525 in Europe but was on the upswing at the start of US trading and continued above 1.06 before sellers returned. it was a chop sideways from there around 1.0575.

Cable closed near the highs of the day at 1.4673. It also took advantage of broad USD selling -- part of which was on falling Treasury yields -- but it was also boosted by a poll showing the Conservatives getting ahead (other polls continue to show a close race).

USD/CAD was strong coming into trading as the Chinese trade numbers dominated the discussion but rising oil prices and a blip in the dollar quickly sent the pair down to 1.2560 from 1.2640. Oil later slipped and the pair rebounded to 1.2600 then chopped sideways.

AUD/USD hardly made any recovery as worry about China spread to worry about metals as the 4th largest ore producer shuttered operations. Bounces were sold ahead of 0.7600 and that's the level to watch today. To the downside, look for fresh selling below 0.7560/55.