NY SUMMARY

Today’s trading saw much potential when NY traders walked in as Eastern European names sold Euro off the London highs in quick fashion and Eur/Jpy followed suit. This move came in all of five minutes as Dollar/Jpy traded sharply higher to take out 119.00 stops that were eluded in yesterdays NY session. Later in the session came word from President of Iran Mr. Ahmadinejad that his country would release the fifteen captured Brits in a jester of good faith. This put an immediate damper on Oil and it retreated off the highs down about 55 cents only to close around $64 dollars a barrel.

Aussie was the shining currency in today’s trade as the currency reversed overnight weakness to trade at multi year highs against the USD. Traders initially sold off the Aussie after the RBA kept interest rates at 6.25%. AUD/USD slide to a low below .8070 where it finally found support after a 50 point drop on the news. By the time the NY traders entered the market, the pair had rebounded to levels before the announcement. As the day rolled on, AUD/USD gained buying momentum and traded to levels last seen back in December of 1996 as the pair topped above .8190.

Aussie was the shining currency in today’s trade as the currency reversed overnight weakness to trade at multi year highs against the USD. Traders initially sold off the Aussie after the RBA kept interest rates at 6.25%. AUD/USD slide to a low below .8070 where it finally found support after a 50 point drop on the news. By the time the NY traders entered the market, the pair had rebounded to levels before the announcement. As the day rolled on, AUD/USD gained buying momentum and traded to levels last seen back in December of 1996 as the pair topped above .8190.