FX Daily Wrap Up

Friday was a good break in the action from a huge week of market indicators. US Dollar volatility dried up after a bearish week and poor numbers across the board for American statistics. With the approach of the extended holiday weekend in the US, institutional traders seemed to take today’s fundamentals with a grain of salt. However, one last bit of noteworthy economic news was the University of Michigan consumer confidence number. At first glance, the slip from the two-year high of 96.9 in January to 93.3 this month was initially seen as bearish, but in reality the overall level is still near highs. Leaving a bigger impression on the Dollar’s fundamental balance, late-week housing data erased much of the optimism spurred by positive news during the week. As we head into the holiday weekend, the EUR/USD is currently closing out at 1.3138, and the USD/JYP is closing at 119.32 David Hilgeman, XPRESSTRADE Analyst