Sep 13: US halted declines

September 13, 2013

The greenback halted declines from earlier this week versus most the most of its counterparts on prospects that the Fed will decrease QE. In addition, data due at 12:30 GMT are expected to show US retail sales accelerated.

EUR/USD dropped to $1.3265 on Friday. Yesterday the pair dipped to $1.3260 on lower than expected US unemployment claims, but showed resilience, closing the day at $1.3300. European finance ministers and central bankers will gather for an informal ECOFIN meeting in Lithuania today in order to discuss progress of the banking union. GBP/USD slipped from the yesterday’s high of $1.5840 on Carney's hawkish comments into the $1.5780 area. USD/CAD strengthened from yesterday’s 1.0303 to 1.0340.

USD/JPY is trading on the upside by about 40 pips and is just below the 100.00 handle. Yen weakened after Japan’s Cabinet Office raised its economic assessment, damping demand for haven assets. Yen took a breather after having rallied on Thursday, when investors unwound yen-bearish positions, particularly versus Australian dollar, in the wake of disappointing Australian jobs data. AUD/USD is declining for the second day and approaching yesterday’s low at $0.9228. NZD/USD slid by 35 points to $0.8100. USD/CHF is trading on the upside by about 35 pips at 0.9338.

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