The main theme today was Euro weakness as there was more worrisome news regarding Ireland and it was revealed that the ECB bought a large amount of bonds last week. The EUR/USD slid from its highs near 1.38. The USD was a bit stronger as US stocks slid, despite some positive US fundamentals in the form of a decent pending home sales report and good levels of capital purchases by US companies in August. News Provided by CMS Forex www.cmsforex.com Forex Market Analyst Nick Nasad
The Conference Board’s consumer confidence index fell sharply in today’s trading, pressuring the greenback against its major rivals. The EUR/USD tested the area just below 1.36, the USD/JPY fell to its lowest since intervention, the USD/CHF hit a record low.
In the Fed’s statement policy makers showed concern about the low levels of inflation and left the door open for more quantitative easing, but didn’t agree to any steps right now. The knee-jerk reaction was to sell the Dollar in currency markets and we saw broad dollar-weakness as a result. News Provided by CMS Forex www.cmsforex.com Forex Market Analyst Nick Nasad
Japan’s Ministry of Finance unilaterally intervened in the currency markets, selling the Yen. The results showed strong swings in the USD/JPY, EUR/JPY, GBP, and others. It was the first intervention in currency markets for Japanese authorities since 2004. US stocks, which opened weaker due to some weak manufacturing reports, rallied and turned positive, helping to boost risk appetite and buying of higher yielders like the Euro and Pound and growth linked currencies like the Australian and Canadian Dollars, at the US Dollar’s expense. News Provided by CMS Forex www.cmsforex.com Forex Market Analyst Nick Nasad
Japan’s Ministry of Finance unilaterally intervened in the currency markets, selling the Yen. The results showed strong swings in the USD/JPY, EUR/JPY, GBP, and others. It was the first intervention in currency markets for Japanese authorities since 2004. US stocks, which opened weaker due to some weak manufacturing reports, rallied and turned positive, helping to boost risk appetite and buying of higher yielders like the Euro and Pound and growth linked currencies like the Australian and Canadian Dollars, at the US Dollar’s expense. News Provided by CMS Forex www.cmsforex.com Forex Market Analyst Nick Nasad
The US Dollar weakened against commodity currencies as Chinese trade helped to spur gains by the Australian and New Zealand Dollars. While the Canadian Dollar got into the action initially, and hit a new high for this week following a better than expected jobs report, it weakened after comments from its central bank governor. The Yen weakened on talk about intervention, while the Euro and Pound continued their sideways trading. News Provided by CMS Forex www.cmsforex.com Forex Market Analyst Nick Nasad
Manufacturing releases from China and the US, and a very strong 2nd quarter GDP report from Australia helped to propel global stocks to strong gains. In NY morning trading the Dow Jones Index for instance was up 240 points. That helped “”higher yielders” like the Australian and Canadian Dollars, the Euro and the Pound gain on safe haven currencies like the US Dollar. News Provided by CMS Forex www.cmsforex.com Market Analyst Nick Nasad
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