Daily FX Wrap Up

With all the whipsaws of yesterday's markets, traders used the morning hours of today's session to find their bearings. A strong manufacturing report in the early New York hours and a highly anticipated Federal minutes release were keeping the fundamental traders tuned to the markets.

Measuring the influence of today's indicators, the EUR/USD produced a noteworthy 25-point drop to 1.2775. This fast move was minor compared to the 60 point swing lower in the hours preceding the report. The USD/JPY had a three point top around 118.20, and finished the American session trading at 118.20. Though the European session, the British pound slipped another 130 points against the dollar before hitting a low of 1.8835 and making modest gains to close the current session at 1.8885. XPRESSTRADE Analyst David Hilgeman