Nov 3, 2008
By: Ashley
The player will show in this paragraph
Lots of movement today.
The buck rallied in what was a relatively quiet NY trading session. EUR/USD dropped over 190 pips to 1.2614 after finding support near the 1.2600 level several times.
GBP/USD opened at 1.6113, and rose over 280 pips to an intraday high of 1.6397. However, the strengthening of the buck dropped the pair rapidly to a low of 1.5717, closing down over 340 pips to 1.5766.
There was a lot of uncertainty in USD/JPY as it opened at 98.51, made an intraday high of 99.64, a low of 98.29, and finally closing at 98.99, up a total of 48 pips.
USD/CAD was not as fortunate and was pummeled about 140 pips to a 1.1798 close.
Not much happened with AUD/USD. It traded in a very narrow range, closing at 0.6752, up just 42 pips from the open.
USD/CHF suprised the market by moving up over 200 pips to close at 1.1769.
The gains in the buck were despite poor economic data. US auto sales plunged almost 2 million units in October from its 12.5 million level in September. This is the worst result since the 1980s. Meanwhile, manufacturing activity plunged to 38.9 in October from 43.5 prior. This took the index below the 42.5 average it has registered in periods of US recessions since 1948.
That's a wrap on currency action for today. Don't forget to check our Angel Pair Picks right here at PipsAngels.com -- see you soon and good trading guys!
