European Session Summary
Trading conditions remained thin on Wednesday, Typically, the weeks leading up to and after Christmas are slow, as many trading desks around the world are closed. Higher yielding currencies had outperformed headed into the North American trading session, but the Euro continued to lag.
The short-term Italian bond auction went off without a hitch this morning, actually surprising most market participants to the upside. With the rate at which to borrow for 179-days cut in half, it appears that a combination of heavy European Central Bank bond buying and participation by banks helped bring down the short-term yield. Still, the key auctions to watch for take place in the medium-term portion of the yield curve, most notably the 10-year.
NZD/USD 5-min Chart: December 28, 2011
Charts created using Strategy Trader– Prepared by Christopher Vecchio
On the news, the commodity currency block received additional bids and pushed towards session highs ahead of the New York session. The New Zealand Dollar was the top performer, up just over 0.5 percent against the U.S. Dollar, at the time this report was written. Similarly, the Canadian Dollar was particularly strong, with more saber rattling out of Iran today.
It should be noted that as this report was headed to publishing, there was odd price action observed in the European currencies, particularly the British Pound. Given thin trading conditions, any large moves should be taken with a grain of salt, though if a sell-off gathers pace, it will demand greater attention.
24-Hour Price Action
Key Levels: 13:55 GMT
Thus far, on Wednesday, the Dow Jones FXCM Dollar Index is slightly higher, trading at 9970.26, at the time this report was written, after opening at 9953.70. The index has traded mostly higher, with the high at 9970.26 and the low at 9930.53.
--- Written by Christopher Vecchio, Currency Analyst
To contact Christopher Vecchio, e-mail email@example.com.
Follow him on Twitter at @CVecchioFX
To be added to Christopher’s e-mail distribution list, send an e-mail with subject line "Distribution List" to firstname.lastname@example.org.
European Session Summary
How We Rate Credit Cards
At GET.com we compare credit cards and rate them objectively based on the credit card's features, interest rates and fees.
Cards are rated by our team based primarily on the basis of value for money to the cardholder. The GET.com team rates each card based on its annual fee, rewards, benefits, bonus, introductory APR, ongoing APR, flexibility (in how its benefits can be used and how rewards are earned and redeemed), and other card features.