Market Overview

ForexLive American Wrap: The G7 Circus Comes to Town

G7 official: Statement was misinterpreted, it signaled concern about yen
UK official: Statement wasn't about any particular country
Draghi: Sees signs of stabilization in Europe
Draghi: Currency war talk overdone
US Jan suplus of $2.88B vs $2B deficit exp
NFIB small business optimism Jan 88.9 vs 89.0
JOLTS Dec job openings 3617 vs 3700 exp
Fed's George says housing healing faster than expected
Fed's Lockhart sees US growth of 2-2.5% in 2013
Spanish/Italian 10yr yields down 10 bps
BOC's Carney more upbeat on US and global economy
Carney sees 2013 growth at just under 2%
US wants to increase N Korea sanctions after bomb test
S&P 500 +0.2% to 1520
JPY leads, GBP lags

The G7 certainly didn't distinguish itself today. After releasing a statement condemning excess FX volatility over night, it was as if officials did everything in their power to make waves in markets.

The initial comment from an anonymous official sent USD/JPY a full cent lower in moments. It recovered but sellers ahead of 94.00 quickly knocked it back down as low as 92.95. The UK comment came late in the day and sparked a small recovery to 93.57.

The comments from Draghi fueled optimism about Europe. He was upbeat on Spain and sounded positive overall. That helped the euro climb to 1.3475 but it later drifted back to 1.3450.

In general, risk trades were upbeat. The Canadian and Australian dollar steadily climbed throughout the day with each gaining more than 60 pips in US trading.

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 Economics Markets Trading Ideas

 

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