- US industrial production sinks 1.4% in February; fourth straight monthly decline
- US sees sharp outflow in foreign capital in January
- Empire State manufacturing index falls to -38.2 in March from -34.7 in February
- Obama proposes small business tax cuts, loan guarantees
- Germany’s Merkel says Europe needs strong Euro
- Irish finance Minister Lenihan- No risk of monetary, bank failure for Ireland, no chance to leave euro, comparisons with Iceland “bizarre”
- Stark: A little wiggle room on ECB rates but not much
- US equities slip into the red late in session, S&P closes -0.4%, oil closes up $0.87, gold at $923, 10-yr at 2.96%
EUR/USD opened in the 1.3040s in New York, made one sprint to th topside, triggering stop above 1.3050 and then spent much of the rest of the session retrenching. Prices moved to the downside late in the day as US equities lost steam and turned lower. Shares traded more than 2% higher in the morning before dipping late.Stops below 1.2990 and in the 1.2965/75 region were triggered on the pullbacks today. Offers lie now from 1.3030 on up to 1.3070/75.Today’s pullback can be directly attributed to my early move to throw in the towel on a bearish EUR/USD stance. 1.2951/103070 range in New York
USD/JPY was very steady in New York, trading for much of the session in the 98.00/30 range after a quick pop to 98.64 just prior to the US open. US range 97.98/98.58
Cable rallied strongly early in the day, spurred higher by news that Barclays was profitable in the first two months of this year. The early strength faded, however and the pound ended near 1.4050 support. A disappointing end for the bulls. Stops are clustered now in the 1.4035/40 region and may be vulnerable in early Asia. New York range 1.4045/1.4177
