Forex trading headlines 7 June 2013
- Greenspan worries about earnings
- US Non-farm payrolls come in 175k vs 170k exp, unemployment rate rises to 7.6% from 7.% but so does participation rate, 63.4% to 63.4%.
- ForexLive reader Anjaney scoops the payrolls prize
- Canadian employment +95k vs 15k exp
- White house economist sees signs of a recovery
- US ECRI index 130.9 vs 130.7 prior
- Cyprus eases capital controls
- ECB’s Coene sees a base for recovery
- Fed mouth piece Hilsenrath still sees tapering later this year
- Italian finance minister thinks the euro is too high for exported
- G20 unlikely to set debt targets at summit
- Plosser bangs the same old drum on QE
- EU nations should bear the burden of full bank aid by 2015
- US April consumer credit at $11.1bn vs $12.0bn prior
- BOC spokesman Harrison dumps Canada for the UK
- CFTC figures show traders go long 10 year treasuries
All eyes were on the payrolls figure and they didn’t disappoint for volatility. The numbers themselves weren’t great but they weren’t disastrous.
USD/JPY was itching for a bumper boost to the figures and was initially disappointed dropping from the release spike of 96.38 to 94.99. We then turned around sharpish as the market deduced that the US wasn’t going to cease to exist over the weekend.
The bounce was very impressive and posted 200 pips in an hour. We managed a high of 97.78 before consolidating at the 97.50 with the pair well bid into the close. More and more it looks like yesterday’s crap out was a one off but attention now turns to the BOJ meeting in Asia next week.
GBP and EUR yen pairs finish up nearly 400 and 300 pips up from the lows
GBP/USD managed a 100 pip fall from 1.5600 on the data then slid further to 1.5489 before recovering to 1.5550/60 where we close. We remained pretty stagnant while the dollar recovered against the yen
Virtually the same for the euro which dropped from 1.3285 to 1.3192 before seeing out the week at 1.3220. The long trodden 400 pip range looks to be broken but we’ll need to see further gains above 1.32 to confirm.
AUD/USD did almost 150 pips door to door between 0.9570 to 0.9426 but has split the difference to finish at 0.9500.
Lest we not forget there is Chinese data out over the weekend which Eamonn has kindly previewed here.
Once again thank you very much for coming to ForexLive and helping us make the site what it is today.
Have a cracking weekend all.
