Forex headlines for April 25, 2013
- US initial jobless claims 339k v 350k exp
- French unemployment hits all time high
- Bundesbank fighting ECB bond purchases in court
- Italy PM-designate Letta wants to change course on austerity
- Italian centre-right party says satisfied with talks
- Bank of Japan to release 2% inflation forecast for 2015 fiscal year – Nikkei
- Goldman Sachs forecasts ECB rate cut in May
- Japan to propose using its FX reserves to buy ASEAN bonds – Nikkei
- Portuguese finance minister: Conditions for banks extremely adverse
- S&P 500 +0.4% to 1585
- GBP leads, EUR lags
The euro pressed toward 1.31 at the start of US trading but fizzed at 13094 and then chatter about an ECB rate cut quickly knocked it down to 1.2989. The action was all over in two hours and the euro moved sideways around 1.3000/1.3020 for the remainder of the session.
Cable made a big move higher in European trading on strong GDP numbers but it was flattish late in the day. After touching a 1.5480 day, it’s trading about 50 pips lower.
It was a quiet day for the yen and it closes out at 99.37 afte trading in a 98.99 to 99.56 range. Headlines on the potential ASEAN deal and a strong Treasury auction were bullish but the market hardly reacted.
Gold gained $31 to $1469. The big level on everyone’s chart is $1471, which is the 61.8% retracement of the mid-April plunge.
