ForexLive Americas Wrap: US Economy Rebouding… or Not
Empire Fed +10 vs -2 exp
Wal-Mart warns of 'disastrous' Feb sales
US Jan industrial production -0.1% vs +0.2% exp
U Mich consumer sentiment 76.3 vs 74.8 exp
Canadian Dec manufacturing sales -3.1% vs -0.8% exp
G20 statement makes no mention of commitment not to target FX
Draghi: Market conditions have improved since summer
Bernanke: US economy is recovering
Pianalto says Fed could taper asset purchases by year end
Cyprus needs just over 16 billion euros – German press
Gold hits 5-month low below $1600
S&P 500 down 2 points to 1519, down 0.1% on week
GBP leads, NZD lags
The euro bottomed at the outset of US trading at 1.3305. Upbeat comments from Draghi helped a recovery to 1.3365.
USD/JPY surged higher on the Empire Fed, eventually jumping more than a cent. Bernanke talking about the recovery and Pianalto about tapering asset purchases added to the momentum. Technicals may have played a part as support from last Friday at 92.00/20 launched the move.
The commodity currencies lagged throughout US trading. The soft manufacturing number hurt CAD, sending USD/CAD to 1.0080 which once again proved to be solid resistance. Last 1.0067.
Gold hit stops on the drop below $1625. It fell as low as $1597 but has rebounded to $1608.
Have a great weekend and remember that Monday is a holiday in the US.
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