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26 Feb 2014
Session recap: A session for the brave
FXStreet (Guatemala) - The US session held the highlight for the dollar in European and US markets where tin hats might have been appropriate attire amongst traders on the floors at their screens. Despite downbeat news from the US economy, the session was not one way.
Consumer Confidence came in below expectations and previous month, which should have been dollar negative. The data for February read 78.1 vs 80.0 expected and 79.4 previous. Despite that, the dollar strengthened sharply across a number of majors some moments after the release and the move came unexplained. There has been some guess work, such as Ukraine risk-off play, Gold at new highs on the month, Vodafone M&A chatter and risk aversion on negative comments from Fed’s Tarullo, but such as the FX life it has yet to be explained and within the hour the dollar gave back it’s gains.
GBP/USD had been bid on the day. Some time post the release of Consumer Confidence a steady cable suddenly dropped out of the skies and was finding a base 40 pips lower in the 1.6660's after reaching a low of 1.6642. The dollar reversed and sterling hit the high of the day at 1.6728 before some choppy action in narrower ranges sub the handle.
The Euro, after a turbulent burst of action in the dollar, the unit steadied after a bounce back into the 1.3740/60 brackets and drifted lower to base in the 1.3740’s. The Euro is supported on the improving economic growth outlook in Germany as well as a minor adjustment to the inflationary conditions n the EZ, which are easing pressures for the ECB to take action just yet.
USD/CHF had been as high as 0.8893 from 0.8854 on a rally which eventually met supply and a fierce sell off back down to 0.8860. The Swissy steadied and consolidated around 0.8870.
Major headlines
Renzi wins confidence vote in Italian lower house
Housing Price Index (MoM) (Dec) 0.8% (Positive vs 0.4% consensus beating previous -0.1%)
US consumer confidence disappointing a 78.1 in February vs 80.0 expected
Richmond Fed manufacturing index dropping to -6 for Feb from +12 for Jan
Fed's Tarullo was speaking some areas in economy in a bubble
Russian deputy FinMin saying "Ukraine faces high probability of default".
Consumer Confidence came in below expectations and previous month, which should have been dollar negative. The data for February read 78.1 vs 80.0 expected and 79.4 previous. Despite that, the dollar strengthened sharply across a number of majors some moments after the release and the move came unexplained. There has been some guess work, such as Ukraine risk-off play, Gold at new highs on the month, Vodafone M&A chatter and risk aversion on negative comments from Fed’s Tarullo, but such as the FX life it has yet to be explained and within the hour the dollar gave back it’s gains.
GBP/USD had been bid on the day. Some time post the release of Consumer Confidence a steady cable suddenly dropped out of the skies and was finding a base 40 pips lower in the 1.6660's after reaching a low of 1.6642. The dollar reversed and sterling hit the high of the day at 1.6728 before some choppy action in narrower ranges sub the handle.
The Euro, after a turbulent burst of action in the dollar, the unit steadied after a bounce back into the 1.3740/60 brackets and drifted lower to base in the 1.3740’s. The Euro is supported on the improving economic growth outlook in Germany as well as a minor adjustment to the inflationary conditions n the EZ, which are easing pressures for the ECB to take action just yet.
USD/CHF had been as high as 0.8893 from 0.8854 on a rally which eventually met supply and a fierce sell off back down to 0.8860. The Swissy steadied and consolidated around 0.8870.
Major headlines
Renzi wins confidence vote in Italian lower house
Housing Price Index (MoM) (Dec) 0.8% (Positive vs 0.4% consensus beating previous -0.1%)
US consumer confidence disappointing a 78.1 in February vs 80.0 expected
Richmond Fed manufacturing index dropping to -6 for Feb from +12 for Jan
Fed's Tarullo was speaking some areas in economy in a bubble
Russian deputy FinMin saying "Ukraine faces high probability of default".