Article / 09 September 2015 at 23:55 GMT

US Market Wrap: USD mixed as equities sink

FX Trade Strategist /

  • 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.

 Apple's new product launches were not well received by investors. Photo: iStock

 -- 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 and From the Floor analyses.
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what time is it where you are ? you seem to post around the clock
Michael O'Neill Michael O'Neill
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