July 12: Asian session

12 July, 2013

US dollar headed for a weekly decline versus most of its major counterparts as comments from Federal Reserve policy makers caused investors to push out expectations for when the central bank will reduce stimulus. St. Louis Fed President James Bullard is due to speak today at 17:00 GMT.

EUR/USD declined to $1.3070 after peaking to $1.3206 yesterday. Watch the euro area’s industrial production data at 09:00 GMT (a 0.2% decline is expected). S&P revised Irish sovereign credit rating forecast up from stable to positive. GBP/USD slid to $1.5170 after peaking to $1.5221 yesterday. USD/JPY is consolidating around 99.00, having formed a clear triangle on the hourly chart. USD/CHF strengthened by 20 pips to 0.9480. Yesterday the pair touched a low at 0.9400, but later rebounded to 0.9460.

AUD/USD is consolidating around the daily highs of $0.9180 after having touched $0.9135 earlier in the day. Australia May home loans for came at +1.8% m/m (vs. expected +2.2%). Yesterday the pair formed a long-shadowed candle, closing at $0.9185. NZD/USD is quietly trading in the positive territory around $0.7860 after the yesterday’s highly volatile trade. USD/CAD is trading in the 1.0360 area after hitting $1.0325 yesterday.


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