Sep 12: US dollar has weakened

September 12, 2013

The greenback remained lower versus most of its major counterparts as traders speculated whether the US economy is strong enough for the Fed to consider a reduction in stimulus when they meet next week.

EUR/USD is consolidating above the $1.3300 mark. As for the data releases, today we have the ECB monthly bulletin (8:00 GMT) and industrial production (9:00 GMT). The ECB president Mario Draghi will speak in Latvia around 11:40 GMT – market will pay special attention to his comments. GBP/USD is consolidating around the yesterday’s high of $1.5830 (highest level since February 2013).  Great Britain will start the regular discussion on inflation at 9:00 GMT.

USD/JPY closed below the 100.00 handle yesterday after testing 100.60, the highest level since July 22. Today US dollar slid to 99.50. Asian shares halted a 10-day advance and Japan’s machinery orders stagnated. USD/CHF slid yesterday by about 40 pips to 0.9300 and is now trading little changed in this area.

AUD/USD slid from today’s high around $0.9350 to $0.9250. Aussie dropped after data showed the nation’s employers unexpectedly cut payrolls by 10.8K, while economists expected 0.2K. The nation’s unemployment rate rose to 5.8%. NZD/USD is trading on the upside for the fifth day in a row and has reached to $0.8150 today. New Zealand’s dollar climbed as the Reserve Bank of New Zealand signaled it may raise interest rates earlier than previously expected. USD/CAD has renewed a monthly low at 1.0305.

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