With US existing home sales falling 2.7% versus expectations for a rise, EURUSD fell further and bids at 1.4730 ultimately gave way. Having held 1.4700 but failed to get back above 1.4725-30, EURUSD was driven down to 1.4677 as US banks sold before the fixing. With US equities ending in the red for a second day, EURUSD closed at 1.4650-55.
Japan’s currency climbed to 133.18 yen per euro as of 6:26 a.m. in London from 133.86 yen in New York yesterday, after earlier reaching 132.53 yen, the highest level since Sept. 16. It rose to 90.69 yen per dollar from 91.27 yen.
The pound was set for a third weekly loss against the euro after the Newcastle Journal reported that Bank of England Governor Mervyn King said the currency’s drop was "very helpful" in rebalancing the economy. Continued sterling selling led moves in Asia early Friday, with cable's stop-loss run below 1.6000 driving EURUSD to a 1.4623 low, before it bounced all the way back to 1.4665 as EURGBP triggered buy stops through 0.9150.
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