The Asia session ended the week with the Euro bouncing back and crude oil hitting new record highs. After yesterday's decision to keep rates unchanged, ECB president Trichet kept up his hawkish tone in the following press conference, quelling any talk of near term rate cuts. Add to the mix some US growth concerns and EUR/USD continued its choppy ride on the up escalator. Although not as dramatic as the NY session, Euro opened near 1.5390 and ended the night about 20 pips higher, after coming off of a 1.5425 session high. The same scenario unfolded in GBPUSD, opening on 1.9540 lows, hitting a session peak of 1.9569 and exiting the session a tad lower near 1.9555. Speaking of the UK, the Bank of England also held rates at 5.00% yesterday.
USD/CHF and USD/CAD both fell in parallel fashion starting the night on session highs and ending the night on lows. USD/CHF ended the night near 1.0485, a 30 pip drop, and USD/CAD ended near 1.0135, a 40 pip drop from the session high. USD/JPY ended the night lower closing out the session near 103.45. EUR/JPY kept in a 50 point range and ended the session 159.56, a tad off the low.
With the economic data agenda empty, traders watched crude oil futures touch a new all time high of 124.70 based on supply concerns. Next week should be a wild one… Enjoy the weekend
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