EUR Trading Outlook (14-10-2014)

EUR/USD opened NYC 1.2686, +56 pips vs Friday night’s close, O/N range 1.2621/98. NY session range 1.2665/99. Canada was closed and the US also was celebrating a national holiday, however stock markets & commodities were open giving FX markets something to trade off. US Treasuries traded higher as stocks slumped in early trade and the dollar got clocked early, the DXY having opened -0.54% but managed to claw back some 0.11% on the day. The Nasdaq whipped from -1.0% to +0.3% back to -0.8% and risk on / risk off tended to dominate FX. Comments from Weidmann Polish C/B chief Belka and earlier Greek political reports left NY traders edgy and reserve manager offers at 1.2700 rumored to be Russian intervention proceeds capped rallies.