European sovereign crisis continues - Forex Market Report

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by: fxsolutions
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Date: Thu, 29 Sep 2011 Time: 5:27 AM
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Neil Looker of FX Solutions (http://www.fxsolutions.com/) provides a summary of currency market activity and news on 12th September 2011, including a look ahead to the Philadelphia Fed Survey:

"Action in the FX market was secondary today as equities drove trading with the risk on/off sentiment predominant. Liquidity was poor, a reminder of the horrible trading conditions of six weeks ago when any headline or rumour on the European sovereign crisis could send the Euro 50 points one way or the other.

There seems little chance that Greece can avoid a default, and the timing is more to give the regulators time to fortify the continental banking system than any Greek consideration. The real question is can Italy and Spain survive?

The Dow drove the Euro to New York session lows of 1.3550 but we have seen a spectacular 100 point rally into the close on unconfirmed rumours that Italy are in talks with China to buy Italian Bonds and with the Dow having recovered to just inside positive territory!

On Wednesday we will get the Philadelphia Fed Survey. It was this horrible number last month, a drop of 33.9 to -30.7 the worst reading since March 2009 that started the latest round of negative speculation on the us economy."

Ranges:

Euro/$ 1.3495-1.3693 £/$ 1.5774-1.5886 $/jpy 76.76-77.58 $/chf 0.8801-0.8929 euro/jpy 103.90-105.60 euro/£ 0.8534-0.8637 euro/chf 1.2032-1.2078 aud/$ 1.0256-1.0440 $/cad 0.9942-1.0025

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