New York Session – February 8, 2010 6:15 PM

by Trader Rich

The NY session was lacking in news and economic events and it looked as if short-covering (taking profit on short positions) was the flavor. Risk went on an absolute rollercoaster and US equities would eventually falter into the close, settling -0.9% lower. EUR/JPY was tied close to the risk hip and the cross was taken for a ride from a NY open by 122.10 to a session high around 122.50 and back down towards 121.80 by the time the dust settled. EUR/USD, meanwhile, was well bid early on (good buying interest) and rocketed to a high near 1.3712 before collapsing to the 1.3650/40 lows as the close neared. Ostensibly the market failed to take out notable stop loss orders that had been lurking above the 1.3720 zone. We would expect the prior overnight lows around 1.3620 to attract now. Full text »

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