Forex news for April 24, 2013
- US March durable goods orders -5.7% vs -2.8% expected
- ECB VP Constancio warns against easing austerity
- Constancio: ECB ready to act and recent data was ‘bad news’
- Asmussen: ECB will look at incoming economic data then take a decision on interest rates
- Oil up $2.50 to $91.64 for several reasons
- S&P 500 down 1 point to 1578
- NZD and AUD lead, CHF lags
Reading through the Constancio comments was like trying to decipher hieroglyphs but the door certainly seems open to an ECB rate cut in May. The OIS market still isn’t believing it, however, and is pricing in nearly no chance. The euro ended up trading around where it began and traded in a 1.2974 to 1.3029 range.
USD/JPY stumbled toward 99.20 in early US trading but steadily climbed throughout the day, hitting 99.60.
Cable was a non-mover and had a range of 1.5245 to 1.5284.
The Canadian dollar was more volatile than usual (which isn’t saying much). USD/CAD perked up to 1.0278 on a round of risk aversion in early trading but then crashed down to 1.0247.
