Big Day, Little Results

While news was limited today to early morning trading, sharp swings took place in almost every major market. The Swiss Franc took an early morning dip against the US Dollar, pushing the pair to a high of 1.2435. The US Dollar held onto the gain for less than four hours before the CHF took control and made over a 60-pip move gain to the day’s low of 1.2370. The big Eurozone news in the early morning session was a weak German GDP report, which posted a decrease in domestic demand to lose -1.3% versus a projected increase of 0.5%. This was not enough for the US Dollar to hold any gains, however, and overall the USD dropped around 40 pips across the board. In other European news, the British pound pushed 130 points higher through to noon in New York with little sign of giving up its momentum. The GBP/USD hit a high of 1.9600 and a low of 1.9460. As we head into the evening sessions, the USD/CHF is trading at 1.2385, the EUR/USD is at 1.3121, and the GBP/USD is trading near 1.9562. David Hilgeman, XPRESSTRADE Analyst