Market Overview

ForexLive North American Wrap: I Was Promised Printing and Spending

S&P 500 falls another 1%, to below 200dma
OPEC lowers world oil demand outlook.
Draghi: Growth momentum to be weak in 2013
Draghi: Up to Spain to decide whether to seek bailout
Draghi: Stands ready to act with standard monetary policy instruments
S&P sees 15% chance US goes over ‘fiscal cliff'
Three big lies from today's Draghi press conference
Initial jobless claims 355K vs 370K exp
US exports hit record high
Spain Deputy PM urges caution on GDP forecasts as eurozone growth slows
EU ministers to delay Greek aid call for weeks, official says
DJ: Eurozone considers lowering interest rate on first Greek bailout
Iran fires on US drone
Ireland's Kenny says will leave EU/IMF program next year
Gold +$15 to $1733
JPY leads, NZD lags

The FX market held off another day of selling the stock market but cracks started to appear late in the day. It could have been the comment from S&P on the fiscal cliff that heightened additional worries late in the day, it could be lingering doubts about Europe.

The euro was quiet throughout Draghi's press conference and traded in a roughly 30 pip range around 1.2750.

The yen was the big mover as risk sentiment broke down. The tipping point came on a strong US Treasury bond auction. That broke through stops below 79.60 and the pair fell as low as 79.32. Yen crosses fared much worse.

USD/CAD touched above parity late in the day.

AUD/USD was resilient through most of the day, impressively rallying above 1.0440 after yesterday's strong employment report but the gains finally succumbed to the bearish sentiment in the US afternoon, slipping back to 1.0403.

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: News Forex Global Markets Trading Ideas

 

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