Aug 29: EUR below $1.33

August 29, 2013

EUR/USD has returned to the yesterday’s low of $1.3305 as the attempt to recover was capped at $1.3345. Syrian conflict remains a negative factor for EUR/USD. European stock markets closed in the red territory yesterday. Today Germany is scheduled to release inflation and unemployment data – perhaps, these releases will divert the market attention from the Middle East. 

GBP/USD is calmly trading in the $1.5550/15 range after the yesterday’s short-term dip to $1.5430. Pound continues to have some support on yesterday’s less dovish than expected Carney’s speech.

USD/JPY reached 97.90 today. The greenback is rising for the second day, but still hasn’t erased the loss made on Tuesday. Dollar was supported against yen by rising Asian shares, though its advance was capped due to dollar-selling by Japanese players. Japanese retail sales contracted by 0.3%, while the indicator was expected to stay unchanged. USD/CHF returned back above 0.9200.

AUD/USD tested $0.8890 yesterday, but recovered to $0.8978 today. Aussie climbed against after a report showed business investment rose. NZD/USD formed a bullish hammer on the daily chart yesterday with the lowest point at $0.7743 and rose to $0.7840 today. USD/CAD is consolidating in the $1.5495/80 area. The trading range has become narrower since yesterday. Canada will release RMPI and current account figures at 12:30 GMT.

US will release today preliminary Q2 GDP data. This is the second release. Earlier the advance figures showed that American economy added 1.7%. The experts now think that this estimate may be revised up to 2.2%, adding to the case for the Fed to slow stimulus. The US and its NATO allies began presenting their justification for military action against Syria as they advanced plans for launching strikes and prepared evidence that the Middle Eastern regime used chemical weapons on its own people.

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