- ECB’s Nowotny: EU can solve any euro zone economic problems
- US CPI flat in April; core rises 0.3%
- Empire State Manufacturing survey rises to -4.55 from -14.65, highest since October 2007
- TIC data shows inflows into US long-term securities in March
- US industrial production falls 0.5%, capacity use 69.1; not as bad as feared
- University of Michigan consumer sentiment rose to 67.9 from 65.1
- Fed’s Fisher: Recovery will be slow
- Philly Fed survey of forecasters shows a mixed outlook
- BIS buys EUR/CHF in New York afternoon; drives rate from 1.5010 to 1.5150
- Oil falls $2 to $56.60
EUR/USD was choppy in US trade, pulling back early in New York to 1.3510 after the poor German GDP only to rebound toward 1.3610 late in the morning. Prices gave ground during the US afternoon, eventually dipping below trendline support at 1.3480 before reaching 1.3464.
USD/JPY fell sharply during US afternoon trade, led lower on heavy selling from a macro hedge fund. Prices fell from 95.35 to 94.75 on the order. Ripple effects were felt across the crosses as EUR/JPY and AUD/JPY were dragged lower as well.
AUD/USD swung with ever-changing risk appetites, settling lower as stocks and commodities rolled over late in the day. AUD dipped to 0.7480/85.
EUR/GBP was belted in morning trade by a US investment bank and a Swiss bank helping send cable higher as EUR/USD slipped. Poor Eurozone growth data may have been the catalyst.
