Market Overview

ForexLive North American Wrap: Stop Me if You're Heard This One Before

US Senate majority leader Reid says "looks like" US headed over the fiscal cliff
US House to meet Sunday on fiscal cliff
Initial jobless claims 350K vs 360K exp
Dec US consumer confidence 65.1 compared to 70.0 exp
US Nov new home sales 377K vs 378K exp
Winter storm hits US Northeast
S&P 500 down 0.1% to 1418
EUR leads, JPY lags

It was the regular set of euro gains and yen losses until Harry Reid's comments spoiled the party. The soft consumer confidence numbers also sharpened the focus on the struggles of the US consumer.

The euro touched 1.3284 but then sank to 1.3211 immediately after Red's remarks. A second downward thrust hit 1.3203 but bids ahead of 1.32 held up. Sentiment later recovered and EUR/USD has rebounded to 1.3250.

AUD has gotten a lift late in the session with AUD/JPY breaking above 89.30.

Cable withstood the initial downdraft following Reid's comment but a break below 1.6150 set off a round of selling to 1.6066 but later bounced to 1.6120.

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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