Forex market look set for an eerily quiet start to the week with banks in New York the world's second argest currency trading hub--expected to operate at skeletal staff, if at all, as Hurricane Sandy bears down on the city Monday. anadian foreign exchange traders picked up much of the slack in North American action Tuesday after Hurricane Sandy devastated the U.S. East Coast, in particular USA currency-trading hub of New York.
We will be covering the US time zone out of London and out of Sydney, so we'll just run longer out of London and then pass into New Zealand for a bit and then pick it up here The light volume was seen by most market participants as continuing over the next two days, with New York still recovering from the storm. Forex trading was relatively light with most currencies in a narrow range. The euro was up slightly after Spain's third-quarter gross domestic product came in at a 0.3% decline from last quarter, which was better than expected.
The news follows recent press reports that had speculated that the bank would announce a reorganization of its investment bank. No word yet on how this will impact the firm's currency business though it's certain to rattle nerves at the firm. When we're seeing New Zealand Dollar being the strongest currency last week while the Japanese yen was the weakest, we might have thought that the week was blessed with strong risk appetite. Indeed, it was to an extent, until markets reversed shortly after better than expected non-farm payroll data from US.
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