Looking at market performance graph
Markets

ForexLive Americas FX news wrap: USD/JPY breaks down

Forex news for US trading on Feb 8, 2016:

USD/JPY took out major support near 115.50 as it fell 230 pips from the highs at the start of European trading. It was a non-stop cascade of stops into the London fix, when it hit a session low of 115.18. It bounced to 115.80 from there and consolidated; getting some support late as stocks pared losses. The close is key here.

EUR/USD bottomed at 1.1085 early in US trading. It gradually climbed and then surged at the London fix up to 1.1190. After some consolidation, EUR/USD took out 1.1200 briefly before falling back to 1.1190.

Cable followed a similar pattern as it bottomed early then caught a big bid at the London fix and rallied to 1.4440 from 1.4370.

The energy market was in focus as shares of Chsapeake Energy briefly fell 50% on reports the company had hired restructuring lawyers. It denied plans for bankruptcy but the drop underscored the theme that fears about energy companies are at the forefront.

Oil fell 2.3% but CAD once again held its ground, at least against USD. The pair rose as high as 1.3978 early in US trading and then tested that level again later but failed both times and fell back to 1.3925, roughly unchanged on the day.

AUD/USD managed to finish with a quarter-point gain. It fell to 0.7050 at the height of the worries but recovered to 0.7091. The pair is still a long ways from the 0.7200 level from before Friday's rout.

The S&P 500 broke the late-January low early and that inspired selling. The Nasdaq also cracked the January and August lows, it what looks like a dire technical signal. It's shaping up to be another wild week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx

Latest Markets Videos