Market Overview

ForexLive North American wrap: Lots of news but nothing new

March ISM non-manufacturing index 56.0 vs 56.8 exp
ISM employment 56.7 vs 55.7 prior
ADP employment 209K vs 206K exp, prior revised higher
ECB's Draghi: upside inflation risks in 2012 but 2013 on target
Draghi: Downside economic risks are prevailing
Draghi: ECB rate decision unanimous, talk of LTRO exit strategy premature
Spanish econ minister: all banks meet capital requirements
Fed's Lacker: rates should be hiked in 2013
Monti: Labor deal to be presented imminently
Fed's Williams: QE3 not off the table but growing less likely
S&P 500 down 1% to 1399
JPY leads, AUD lags

The poor Spanish auction led to a slump in Europe but trading was flat in the US. EUR/USD fell to 1.3107 an hour into trading but slowly rebounded from there, edging up to 1.3140 last.

USD/JPY was a bit more lively, coming into the session on an upward trajectory, it continued higher as stops were broken at the London fix, up to 82.68 -- about 40 pips above the open. The US afternoon saw a renewed, slow decline to 82.40.

The commodity currencies touched recent lows in the early going but moved sideways afterwards.

EUR/CHF between 1.2030/40

Gold continued to edge lower, touching $1611 at the lows before a shallow bounce to $1625.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Markets

 

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