Market review
Dollar trades mixed in hectic trading
Despite edging higher in early New York morning, the greenback later retreated and ended the day mixed against its peers on Tuesday on renewed risk sentiment due to rebound in U.S. stocks.
Versus the Japanese yen, dollar found renewed buying at 148.68 in Asian morning and rose to a 149.29 (EBS) in European morning. Despite a spike down to 148.13 on possible intervention from Japan, price recovered swiftly to 149.21 ahead of New York open before edging higher to a fresh 32-year high at 149.38 in New York morning on cross-selling in yen.
The single currency traded with a firm bias in Asia and gained to 0.9873 in early European morning before retreating to 0.9813 on profit-taking. Despite rising to session highs at 0.9875 in New York morning, then pair retreated again to 0.9823 but only to rebound to 0.9863 near the close.
Reuters reported German investor sentiment rose slightly in October, even as the current economic situation was assessed as significantly worse than the previous month, leaving little room for optimism. The ZEW economic research institute said on Tuesday its economic sentiment index grew slightly in October, to -59.2, from -61.9 in September.
Their poll had pointed to a October reading of -65.7.
The British pound gained briefly to an intra-day high at 1.1410 in Asian morning before tumbling to session lows at 1.1256 in European morning due partly to cross-selling in sterling especially vs euro. The pair then pared its losses and rebounded to 1.1346 at New York open before trading broadly sideways.
Data to be released on Wednesday:
Australia Westpac leading index, China house prices, U.K. CPI, RPI, PPI input prices, PPI output prices, EU construction output, HICP, U.S. MBA mortgage application, building permits, housing starts, Canada CPI and producer prices.
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October 19, 2022 at 08:45AM
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Dollar trades mixed in hectic trading - FXStreet
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