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Ahead of long weekends in the U.K. and the U.S., FX trade was relatively quiet in N.Y. on Friday. Most desks about closed up shop by late morning EDT, resulting in a sideways dollar fro the most part. The euro dis stay soft, though did not test the London low near 1.3615. Read more
From late January to early April, the Aussie dollar was rallying verses the dollar. But after crossing the 200 day EMA, the Aussie lost strength. After making a second attempt at rallying over the 200 day EMA, the Aussie has fallen below this important technical line. Read more
Recently, the UK government has used UK's economic turnaround as proof that austerity works. However, a closer look at the data reveals this to be far from the truth. Read more
The USD continued to hold firm. EUR-USD dove to three-month lows following a sub-forecast Ifo report, which fell to a headline reading of 110.4 in May from 111.2 with the expectations index falling for the first time since last October. EUR-USD logged a low of 1.3627 after breaching the 200-day moving average for the first time since last September. Read more
Modest USD firmness characterized a quiet session in pre-Europe Asia. USD-JPY led the way in rising to a nine-day peak of 101.85 before Japanese exporter offers took effect, and put a cap on the pair. EUR-USD dipped below Thursday's low and made a low of 1.3641, but the move stalled shy of Wednesday's three-month nadir at 1.3633. Read more
The dollar posted modest gains in N.Y. on Thursday, taking EUR-USD under 1.3650, and USD-JPY toward 101.80. After making session lows of 1.3647, the euro only managed gain to 1.3663, before fading lower again. The pairing found good two-way interest in the 1.3650s, though managed to avoid large stops reportedly at 1.3650. Read more
The AUD rose and the JPY weakened as risk appetite picked up in Asia following a much stronger than expected China PMI release, which came in at 49.7, a five-month high and well up on the Reuters median for an unchanged 48.1. The MSCI Asia Pacific equity index was showing a 1.2% gain as of late PMI session in Tokyo. Read more
The AUD rose and the JPY weakened as risk appetite picked up in Asia following a much stronger than expected China PMI release, which came in at 49.7, a five-month high and well up on the Reuters median for an unchanged 48.1. The MSCI Asia Pacific equity index was showing a 1.2% gain as of late PMI session in Tokyo. Read more
Risk-on trade saw the dollar rally in N.Y. on Wednesday, taking EUR-USD briefly to lows of 1.3634 on rumored option backed selling from 1.3450. USD-JPY recovered nicely from its overnight three-month low of 100.82, coming close enough to hitting its downside target of 100.75, before trading up to 101.62 highs. Read more
This is the final installment of my more detailed look at the housing recovery. In part 1, I discussed how rising interest rates and rising prices have caused building of single family homes to stagnate for over a year. They are now 7% below their peak half a year ago. Read more
