Forex headlines for August 26, 2013:
- Durable goods orders -7.3% vs -4.0% expected
- Dallas Fed +5.0 vs +3.9 exp
- Economists cut US Q3 GDP estimates
- Buy the USD/JPY dips for the long haul, BAML says
- CFO of Swiss insurance giant found dead at home
- UN inspectors ordered out of chemical weapons site after 90 minutes
- The top-50 safest banks
- US ramps up rhetoric on Syria
- S&P 500 down 0.4% to 1657
- Gold up $5 to $1402
- NZD leads, EUR lags
There was no silver lining in the durable goods report but there was some chatter about an emerging pattern of weak orders at the start of each quarter so that helped stem the dollar’s fall.
USD/JPY initially fell a half-cent to 98.17 but slowly climbed back to unchanged and then a US/European high of 98.75. Late in the day stocks rolled over and that sent the pair back to 98.39.
It was a similar story elsewhere as the dollar fell on the headlines but slowly climbed back. The data added some spice to the session but overall it was bland because of the UK holiday and traders taking advantage of a quiet schedule in the last week of August.
