Market Overview

ForexLive North American Wrap: ADP Beats But EUR Slumps

ForexLive North American Wrap: ADP Beats But EUR Slumps

ADP Oct employment exp +158K vs +135K exp
ISM manufacturing 51.7 vs 51.2 exp
Greek court says pension reform could be unconstitutional
US consumer confidence 72.2 vs 72.5 exp
Fed's Lacker: Fed action partly aimed at depreciating the dollar
Initial jobless claims 363K vs 370K exp
Final Markit manufacturing PMI 51.0 vs 51.3 flash
Cyprus CB: Substantial progress made on talks with the troika
IMF: Staff level agreement on Greece could come soon
Ireland 2013 GDP 1.4% versus earlier forecast for 2.2%
NYC power could be out for another week
S&P 500 up 1.1% to 1427
Commodity currencies lead, JPY lags

The commodity currencies participated in the risk rally but euro and pound were left on the sidelines.

EUR/USD came into the session riding high and quickly broke the 1.2970 and the Asian highs on the way up to 1.2983. It bobbed around there but couldn't push higher despite the better economic data. Later, it slumped on the Greek constitutional opinion and has sagged near 1.2940 since.

Cable was similar but peaked even earlier (before US trading) at 1.6175 and is near the session low as 1.6123 with bids down to 1.6120 holding so far.

USD/CAD attempted a break of 1.0019 for the second day and failed again, helped by the better US manufacturing data. USD/CAD slid back to 0.9960 but yesterday's low had held so far.

AUD/USD tested the 1.0411 October high (to the pip) but failed to break it and is stuck close to 1.0400.

Gold at $1714 after touching $1727.

Chalk it up to trepidation ahead of tomorrow's non-farm payrolls report.

The preceding 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


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