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FX trade was fairly quiet in N.Y. on Monday, though the dollar lost ground to virtually all major currencies. Incoming data was weaker than expected, as both existing home sales, and the Chicago Fed index missed the mark. Equities however, manage to hold onto modest gains through the session, while Treasury yields were nearly flat on the session. Read more
The dollar was softer overall. In Asia, USD-JPY profit taking stood out after longs cut positions as the LDP secured a majority in the Upper House as expected. In Europe, activity was extremely low again, but Cable stop loss buying featured above 1.5300 and dragged EUR-USD up to the 1.3190 area. Read more
The dollar was easier on USD-JPY profit taking after the LDP secured a majority in the Upper House elections, which was in line with expectations. The G20 pledged to put growth before austerity in order to revive the global economy, which was still 'too weak', though it warned that it would adjust these policies with care in order to avoid volatile markets. Read more
The greenback was moderately lower in light Friday N.Y. trade, as some risk came off the table into the weekend. There was no data to absorb, so focus stayed on pre-weekend position adjustments. Equities were softer, as Treasury yields slipped a bit. EUR-USD ran up from lows near 1.3100 to give the 1.3150 level a quick look, as USD-JPY cruised in a tight range over 100.10. Read more
USD-JPY corrected lower to trade back into the 100.00 region, which was the catalyst for broader dollar selling and helped EUR-USD up to 1.3150. There was some positive EUR news after the Portuguese government survived a no confidence vote. AUD-USD steadied as dollar losses lifted it out of the 0.9150 area back towards 0.9200, though further gains were limited due to increased expectations of a RBA rate cut in August. Read more
It was another quiet session for FX. A USD-JPY drop in Asia from 100.87 to 99.80 was the catalyst for early dollar selling, but follow through was very limited again and it backed up towards 100.50. Market participants opined that the pending Upper House elections in Japan on the weekend are more likely to benefit the leading coalition, which will mean more reforms and a positive for stocks and USD-JPY. Read more
The dollar firmed in N.Y. trade on Thursday, as better data, and improved risk taking supported. Jobless claims were lower than forecast, while the Philly Fed index was sharply higher. These helped the greenback, and took the S&P 500 and DJIA to record highs. Read more
Dollar consolidation continued in Europe. Overall, the FX market struggled for a clear direction. Bernanke's testimony and Q&A yesterday maintained the status quo. He was dovish sounding, yet at the same time prepared the market for policy tapering, data permitting, which was probably his intention last week when he was misinterpreted by the market. Read more
The dollar was led higher overnight by a USD-JPY rally back over 100.00. Bernanke's testimony on Wednesday's was a positive for risk appetite and encouraged speculative positioning, though interest was still relatively tight versus EUR, GBP and the commodity bloc currencies. Read more
The FX market was choppy in N.Y. on Wednesday, with the dollar initially trading lower on the back of a dovish leaning Bernanke, and soft housing starts, before recovering. The dollar moved higher as Bernanke began his Q&A. Bernanke said markets were beginning to understand the Fed's thinking, which many have been interpreted as a suggestion that policy tapering is an inevitable consequence of an improving U.S. Read more
