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Forex trading headlines for 14 October 2013:•Australia and the US top to Chinese spending charts
•Asmussen looking forward to Spain and Ireland leaving bailout program
•Greece’s Stournaras says “Where’s my promised debt rollovers?” Asmussen says “Jog on pal”
•Traders stick with calls for a US debt solution before D-day
•Merkel hoping for coalition deal by weekend
•BOE’s incoming new deputy governor Jon Cunliffe says UK firms using up capacity before hiring
•BOE’s Cunliffe says there plenty of ammo in the ECB weapons room US default biggest global risk
•US debt talks making inroads. Timescales for deals the sticking point
•US debt talks aim for short term can kick, both sides hopeful of a deal this week
•EU’s Dijsselbloem says Spain and Ireland program exit talks will come in November
•France’s Moscovici says no one is opposed to ESM direct bank recap.
In quiet US holiday Columbus day holiday trading, the session kicked off with the US making their views known about the lack of weekend progress over the debt deal. The dollar was sold from it’s 10 pip range at 98.20/30 towards the overnight lows at 98.06. We got as far as 98.08 before embarking on a 10 pip range between 98.10/20. As US stocks opened weak rumblings of a deal still being worked on emanated from the halls of power and we started to truck higher. As further news came out on progress the dollar went bid and stocks went green as the market got it’s hopes up again. There’s still work to be done but the signs are pointing to a deal, albeit just another short term stop gap solution.
EUR/USD and GBP/USD made equal attempts higher at their respective big figures, EUr tried for 1.36 but failed at 1.3598, GBP tried and broke 1.60 but failed to hold it for the second time in two sessions as dollar buying won out. The pound gave up 40 pips from its highs at 1.6018 and closes out the session at 1.5990. The euro did no better or worse and flounders near the session lows at 1.3560
Swiss safe haven pairs closed the lower gaps from overnight, with some extra on top for good measure. When the US came online they gave it all up and a bit more before recovering to mid ranges. USD/CHF was 0.9122 at the top to 0.9064 at the bottom. EUR/CHF double topped out at 1.2358 before double bottoming out at 1.2322
Yen crosses went bid following the euro and sterling’s biddedness early on and maintained the bid when USD/JPY kicked on up. EUR/JPY tacked on 53 pips from 133.16 while GBP/JPY put on 80 from 156.81 to 157.61
AUD/USD broke 0.9500 late in the day for the first time since September as hopes for a US deal get reflected in the commodity pairs. It’s currently holding at the big figure
European stocks went out with a whimper and almost flat on the day waiting for a US deal. US stocks have turned around sharp losses awaiting the pen to be put to paper.
Good luck trading tomorrow...
