Reluctance to extend on first look
The EURUSD has moved to a high of 1.1298 following the weaker than expected University of Michigan consumer sentiment index. The pair did extend to a high overnight at 1.1309, but there seems to be a reluctance to venture too heavily above the level.
It seems like a dull Friday to me. Being September 11th makes the day a little more melancholy as well. Stocks are down with the S&P down 12 and the Nasdaq down 31 at the moment and trading at the lows. Oil prices (October delivery) is lower by 2.74%. Bond yields in the US are lower.
The USDJPY move lower took the price down about 12 pips to a NY session low of 120.54 but the price is back up trading at 120.70 on the disappointment from the reaction.
