Article / 07 September 2016 at 23:33 GMT

US Market Wrap: ECB wait handcuffs EURUSD

FX Trade Strategist /


  • Japan: GDP, Trade Balance, Foreign Investment, Current Account       1950 GMT 

US Data released:

  • MBA Mortgage Applications (Actual 0.9% vs previous 2.8%) 
  • Job Openings Labour Turnover Survey - JOLTS (Actual 5.871 million vs. previous 5.643 million) 
It was a rather uneventful day for EURUSD and USDJPY traders. EURUSD spent most of the session in a 1.1227-1.1252 range with just a brief blip to 1.1270 at option expiry (1500 GMT).

USDJPY bounced within a 101.35-85 range. GBPUSD peaked, during the New York session, at the option expiry time and then drifted lower for the rest of the day, undermined by the overhang from mixed to weak UK data.

USDCAD got a lot of attention. The Bank of Canada was a tad more dovish than expected when it raised concerns about the low inflation level. USDCAD exploded higher, rising to 1.2912 from 1.2820.

This morning's data was nothing special. The JOLTS report provided a confusing array of info. The job openings were at record levels but hiring did not increase. The Fed’s Beige Book showed that the economy expanded in August.
Oil traders didn’t know whether to buy or sell, so they did both. WTI bounced erratically within a $44.53-$44.55/barrel band and ended the day near the peak.

The end of day API Crude stock change report showed a large 12.08-million-barrel drawdown and WTI soared to $46.07

US equity indices closed pretty flat, apparently unimpressed with the day’s data. Apple (APPL: NASDAQ) unveiled the iPhone 7. It immediately turned your expensive headphones into junk if you planned on using them with the new phone.

The latest version of iPhone has turned those expensive headphones into junk. Photo: Flickr


Greece woes have faded from the headlines but they haven't gone away. TradingFloor contributor, Stephen Pope explains why in: Greece is still grinding toward Grexit

-- Edited by Adam Courtenay

Michael O'Neill is an FX consultant at IFXA Ltd. Follow Mike or post your comment below to
engage with Saxo Bank's social trading platform.

Missed a day? Here’s what we had to say during our Asian session and our regular European Morning Markets, From the Floor and Mid-session Europe.


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer
- 沪ICP备13028953号-1

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail