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EUR/USD2013-05-23 19:23 UTC
EUR-USD firmed up in London on better than expected eurozone manufacturing PMI data. The composite reading improved in May amid better readings from France and Germany in the early releases. EUR found support ahead of 1.2820 after the London open and filled sell orders from 1.2860 to 1.2880, where it opened the N.Y. session. Euro short covering was a feature through the morning, which helped it to highs over 1.2950. A turn around on Wall ... Read More ►
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XE Market Analysis
North American Edition2013-05-23 10:09 UTC
Markets were frayed in Europe. Very heavy action followed yesterday's comments from Bernanke, the FOMC minutes, overnight data weakness in China and a stock market collapse in Japan. The dollar, which had started the Asian session on the front foot, weakened into the European open amid a sharp liquidation via yen-funded carry trades after the Nikkei 225 closed 7.32% lower. By the time liquidity rose after the London open USD-JPY had dropped from over ... Read More ►
European Edition2013-05-23 07:14 UTC
Markets are still reeling from yesterday's Bernanke testimony and Q&A session, which covered both sides of the QE debate, though his admission that tapering could come in the next few meetings, depending on data, saw a big fallout in risk-trades. This was backed up by the FOMC minutes, which also echoed this view, while in Asia, there were heavy losses related to a big drop in China manufacturing PMI, while JGB market volatility also unnerved ... Read More ►
Asian Edition2013-05-23 19:23 UTC
Fallout from Bernanke testimony continued overnight, ultimately sinking equity markets and the dollar in the process. On top of that, China May PMI fell under the 50 mark, which spooked traders as well. U.S. data was better than expected, with jobless claims lower, and new home sales higher. The dollar later moved another leg lower, in concert with Wall Street paring losses. Long USD positions were reportedly thinned out through much of the morning, in ... Read More ►
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