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Limited Dollar Moves as FX Volatility Remains Low

Limited Dollar Moves as FX Volatility Remains Low

2013-07-23 16:17:00
Kevin Jin,
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THE TAKEAWAY: US Housing Price Index (MAY) misses expectations and April’s data gets revised lower > USD is slightly weaker

Today was a light economic data day and FX volatility remains low. In North America, the US Housing Price Index grew at a slower pace than expected: +0.7% May m/m actual; +0.8% Bloomberg News survey expected; +0.5% prior (revised down from +0.7%). The USD is very slightly weaker at the time of writing, extending the third straight day of declines.The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) falls -5 (-0.04%) to $10766 at the time of writing.

In Asia, Chinese Premier Li Keqiang said that 7% growth was the lowest tolerable growth rate. This produced some optimism and spurred heavy gains in Chinese equities. Overall Asian equities are strongly higher while equities in other parts of the world trade slightly weaker: S&P -0.13%; Euro Stoxx -0.09%; FTSE -0.39%; Nikkei +0.82%; Hang Seng +2.33%; Bovespa +0.86%; Sensex +0.71% at the time of writing.

Commodities are seeing a nice lift as well, led by base metals: WTI +0.04%; Brent +0.41%; LME Copper +1.65%; COMEX Copper +0.33%; Shanghai Copper +0.52% at the time of writing.

Bond markets are modestly lower today. 10YR government bond yields trade as follows: US +1.8bps (+0.72%) to 2.498%; Germany +3.5bps (+2.33%) to 1.549% at the time of writing.

AUDUSD 15-minute Chart: July 23, 2013

Limited_Dollar_Moves_as_FX_Volatility_Remains_Low_body_Picture_4.png, Limited Dollar Moves as FX Volatility Remains Low

Charts Created using Marketscopeprepared by Kevin Jin

The AUDUSD is +0.14% higher today, fluctuating around $0.9250. After a strong rebound yesterday, the AUDUSD is unable to meaningfully continue the momentum today.

GBPUSD 15-minute Chart: July 23, 2013

Limited_Dollar_Moves_as_FX_Volatility_Remains_Low_body_Picture_3.png, Limited Dollar Moves as FX Volatility Remains Low

Charts Created using Marketscopeprepared by Kevin Jin

The GBPUSD is trading flat on the day after an impressive bull run in the last week. Price is fluctuating in a 50 pip range between $1.5325 and 1.5375.

EURUSD 15-minute Chart: July 23, 2013

Limited_Dollar_Moves_as_FX_Volatility_Remains_Low_body_Picture_2.png, Limited Dollar Moves as FX Volatility Remains Low

Charts Created using Marketscopeprepared by Kevin Jin

The EURUSD is +0.18% higher with the EUR performing as one of the strongest major currencies against the USD on this limited volatility day. After stagnating through most of the early London session, New York traders pushed the pair past $1.3200 around 14:30 GMT (10:30 EDT on chart above).

USDJPY 15-minute Chart: July 23, 2013

Limited_Dollar_Moves_as_FX_Volatility_Remains_Low_body_Picture_1.png, Limited Dollar Moves as FX Volatility Remains Low

Charts Created using Marketscopeprepared by Kevin Jin

The USDJPY is +0.06% higher today, marking yet another pair with limited moves. The pair traded in a range between ¥99.50 and 100.00, with the bounce off of 100.00 occurring around New York Open.

--- Written by Kevin Jin, DailyFX Research

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