New York Afternoon Update - Currency Trading Report

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by: fxsolutions
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Date: Thu, 29 Sep 2011 Time: 7:05 AM
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Neil Looker of FX Solutions (http://www.fxsolutions.com/) provides a summary of forex market activity and news on the afternoon of 13th September 2011, including a look ahead to tomorrow's UK unemployment and American retail sales:

"It was another day of choppy trading with the currencies moving within the established ranges with FX taking its lead from equities.

UK CPI came in as expected at 4.5%. But comments from Adam Posen, an American economist and a member of the Monetary Policy Committee (MPC) of the Bank of England (BOE), the rate setting board, that central banks should do more to stimulate the global economy and that the BOE should add £50 billion of quantitative easing in the form of long dated gilts, kept the pound under pressure. A close tonight below 1.5780 technically opens up a test of 1.5650 if not the December low of 1.5350.

Euro looks range bound between 1.3500-1.3800 until the ECOFIN council meeting later in the week. The council is composed of the economics, finance and budget ministers of the European Union member states and meets once a month.

Tomorrow's statistical highlights are UK unemployment and American retail sales but I believe that the Empire State Manufacturing and the Philadelphia Fed Surveys for September on Thursday are going to be the market drivers heading into the all important FOMC next week. Both surveys were far worse than expected in August.

The market saw a late Euro rally on this headline: BRICS COUNTRIES IN "VERY PRELIMINARY" TALKS TO COORDINATE PURCHASES OF EURO ZONE SOVEREIGN DEBT - BRAZIL GOV'T SOURCE (I did laugh I have to say). Euro failed again to take out 1.3750."

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