Forex news for US trading on September 11, 2015
- BOE's Forbes: Exchange rates have important effects
- ESM's Regling says Greek debt is sustainable due to low service costs
- August 2015 US PPI final demand 0.0% vs -0.1% exp m/m
- Socgen say they have the best trade if the Fed hikes next week
- Has consumer sentiment been shaken further after market wobbles?
- September 2015 US Michigan consumer sentiment flash 85.7 vs 91.2 exp
- BOE's Forbes says UK interest rates likely to rise sooner rather than later
- Michigan's Curtin: Outlook remains positive
- JPM says rates need to start rising soon
- EURUSD tests 1.1300 after weaker University of Michigan sentiment
- USDCAD kicks it up a notch....
- S&P affirms Greek LT & ST ratings at "CCC+/C" Outlook: Stable
- European stocks manage to end the week up overall
- Reuters Fed Poll: Fed Rate rise seen ending 2015 at 0.375%
- The US Baker Hughes rig count 652 vs 662 last week.
- US Budget deficit for August -64.4B vs -73.5B estimate
- CFTC commitment of traders for September 11, 2015: JPY position moves closer to square
- US stocks end the day higher
The EURUSD was the best performer in trading today. It wasn't spectacular, it took a while to get going but around the time of London/Europe going home for the weekend, there was some buying which saw not only the EURUSD march higher (holding the 200 day at 1.12488 was bullish technically), but also the EURGBP and EURJPY. Weaker Michigan Consumer confidence and a rising stock market (risk on for the EUR) may have helped as well.
The USDCHF moved with the EURUSD and tumbled 0.49% on the day. There was little in the way of news but technically a break back below the 200 hour MA at 0.9726 (this time the break was able to stay below).
Another breaking pair was the USDCAD, but for this pair there is so many levels to get through technically, and continued uncertainty from oil, to the economy to the election, that the mini break failed. So break....but failed break once again.
The GBPUSD corrected some of the gains from yesterday's but could only muster 62 pips trading range all day long. For the NY session that was narrowed to about 41 pips. While the EURUSD was racing higher the GBPUSD stood still - largely helped by the EURGBP moving higher.
The same can be said for the USDJPY. It too traded a 60 or so pip range for the day. The NY session range was only 34 or so pips. Also like the GBPUSD, while the EURUSD and USDCHF were doing a little dollar down run, the USDJPY stood still as EURJPY shot higher.
Next week is finally FOMC week. Coin flip for the move and perhaps even the dollar reaction. How about the stock market? The goal of the Fed was to be more transparent and telegraph the move. Did they succeed? Don't think so....
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September 11th is a time to remember. I moved to Arizona from NY less than one month from that date. I would have been a block away. I feel blessed for not being there. There were others I knew, who were not so lucky. Today, I say a prayer for them and their families and hope that although they remember with sadness, that they are able to relive the good memories in their minds, and smile through the tears....Peace.
Good weekend to all - Greg
