- U Mich Jan prelim consumer sentiment 71.3 vs 75.0 exp
- GOP hopes to raise debt ceiling by three months in vote next week
- Canadian Nov manufacturing sales +1.7% vs +1.0% exp
- EU official: Next Greek aid sub-tranche approved in principle
- IMF recommends zero interest loans to Greece due to new funding gap
- Fed releases transcripts from 2007 meetings
- Dijsselbloem to be named Eurogroup leader Monday
- CFTC positioning
- S&P 500 up 0.3% to 1486
- USD leads, GBP lags
The euro plunged through the European lows at the start of US trading and down to 1.3297. It bounced to 1.3335 as former support became resistance. After the U Mich data EUR/USD started down again, eventually hitting 1.3280.
The low of the day came at the London fix. As Europe wound down the single currency recovered to 1.3320.
The yen provided plenty of drama this week but not on Friday. USD/JPY trading was tight between 89.80 and 90.10. A close above 90.00 is favorable for bulls.
Cable was the dog all week and that extended to Friday as it broke below the 200-day moving average and 1.5900. Selling accelerated below the 200 dma at 1.5910 and didn’t stop until bids just ahead of 1.5850 were tested. Six days in a row of declines for cable.
USD/CAD was bid rather strongly. The Chinese data wasn’t as strong as hoped overnight and multiple attempts to break lower have been kicked back. Last at 0.9921.
Gold edged lower to $1685. The big line is still $1700 after a failed attempt near $1695 for the second straight day.
The profit taking in EUR/CHF stalled and it ended flattish in US trading at 1.2443.
It’s a long weekend in the US so trading will be slower than usual at the start of next week.
