This week we saw strong moves in the Euro and Yen against the U.S $. Stock indices were flat, Oil was a little higher, and the grains jumped higher on bullish USDA data on Friday. The news for Orange Juice were also bullish.
The emini S&P closed at 1467 or 9.5 points higher (0.7%) from last week. The DAX future closed 52 points lower at 7729. March’s Put with a strike of 6500 costs 10.
The Euro closed 266 pips higher at 1.3346. The Yen closed at 89.30, 1.30 Yen higher for the week.
Daily ranges were:
Monday, 103 pips with a low of 1.3025
Tuesday, 84 pips
Wednesday, 60 pips
Thursday, 234 pips
Friday, 118 pips with a high of 1.3373
If you are wondering ex post facto why the Euro had a 234 pip move on Thursday, via CNBC
Market participants had been wary that the ECB would signal rate cuts in the coming months at ECB President Mario Draghi’s news conference, but when that did not happen, the euro’s gains accelerated.
And via the Wall Street Journal
By suggesting at the press conference that the ECB will not cut rates again just now, as many in the market had expected, the ECB president has given the single currency an additional fillip just when the euro-zone economies don’t need it.
Crude Oil closed at 93.56, 47 cents higher and Natural Gas at 3.327 up 1.2% from last week.
Gold finished the week $11.7 higher at $1660.6 and Cotton (March) closed at 75.62. The December 2013 contract closed at 79.03.
Live Cattle closed at 130.60 (-1.8%) for the week.
Shares of NBG plunged this week by 12 cents (-8.4%), to close at 1.31.