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Prior to launching ForexLive, Jamie Coleman spent nearly twelve years at Thomson Financial as managing analyst of the institutional forex product IFR Forex Watch. In 2007, he left the Forex Watch team to launch a retail forex-oriented site which became the popular Reuters FX Hub. FX Hub fell... More
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  • ForexLive North American Wrap: The Stalemate Continues In Greece 0 comments
    May 14, 2012 4:25 PM | about stocks: FXA, FXY, FXC

    Typical recent US session where risk trades are hit in the early going and then mount a modest comeback before slumping into the stock market close. EUR/USD broke below stops at 1.2855 in early trading and touched 1.2825 at the lows. A modest rebound above intraday buy stops at 1.2850 ran to 1.2857 but slumped to 1.2834 later.

    USD/JPY (NYSEARCA:FXY) hit a 3-day low of 79.68 from 80.19 midway through Europe as US T-note yields hit a 6-month low. Traders suspected the move might be disorderly enough to justify Japanese MOF intervention and got out of the way, leading to a rebound to 79.86.

    Cable bucked the trend, partly due to EUR/GBP selling, and jumped to 1.6120 from 1.6060. ECB fixing demand was a likely driver.

    USD/CAD (NYSEARCA:FXC) was resilient at the top of the range, touching 1.0054 but corporate offers capped the move. AUD/USD (NYSEARCA:FXA) will close the day around 0.9967 - well-below parity.

    The better action was outside of FX as oil and periphery bonds were trounced. It's only a matter of time before the volatility returns to currencies.

    Stocks: FXA, FXY, FXC
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