ForexLive Americas wrap: Markets sequestered for the weekend

ListFree.org (Press Release) - Saturday, March 2nd, 2013

ISM manufacturing 54.2 vs 52.5 exp Sequester starts tonight as talks fail Canada Q4 GDP +0.6%, as expected US personal income -3.6% vs -2.4% exp Markit US PMI 54.3 vs 55.2 exp U Mich final consumer sentiment 77.6 vs 76.3 exp US Jan consumer spending -2.1% vs +0.4% exp White House aims to open up trade Oil falls to lowest of the year on increased supplies Cable breaks 1.50 S&P 500 up 0.2% to 1518 CAD leads, JPY lags No one would have complained about a quiet day after such a rousing week but it was not to be. The euro sank through important support at 1.3020 in European trading and continue through 1.3000 and to a low of 1.2967. After Europe closed, it was all about squaring positions and the pair closed at 1.3023. The yen crosses took off after the upbeat ISM numbers. USD/JPY jumped nearly 75 pips and closes out the week close to 93.50 after touching as high as 93.68. Cable barely made a stand at 1.5000 and sank as low as 1.4986. The market got some jitters after breaking the big figure and positions were covered in the final hours of trading. Last at 1.5030. USD/CAD turned around after the Canadian GDP numbers. I suspect it was more about paring back longs for the weekend than anything upbeat in the report. From an eight-month high of 1.0345, the pair last traded at 1.0269. Have a great weekend.

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