US Market Wrap: USD mixed as equities sink
- JPY: 2nd tier data; Machinery Orders, Foreign Investment 2350 GMT
The Asian and European equity rally stumbled during the New York morning and then faded rapidly during the afternoon mostly because traders weren't really sure why equities were rallying in the first place. A stronger-than-expected Job Opening and Labor Turnover (JOLTS) report may have contributed to the equity bearishness as it provides support for a September rate hike.
The highly anticipated Apple (NASDQ:AAPL) product launch provided the afternoon's entertainment although it appeared that a fair number of investors were less-than-impressed and Apple shares dropped 1.2% by the close.
WTI crude prices declined throughout the day, in part because the previous day's rally met resistance and in part due to ongoing concerns of rising inventories, especially since Iran may be selling crude soon.
EURUSD moved higher as equities traded lower in a move similar to Tuesday's price action. USDJPY was a little slower off the mark and waited until the afternoon to slide, dropping from 121.10 to 121.40 by the end of the day.
-- Edited by Adam Courtenay
Missed a day? Here’s what we had to say during our Asian session and our regular European Morning Markets and From the Floor analyses.