Euro falls on below-forecast German Ifo business sentiment data

24 September, 2013

The European session picked up pace after a quiet Asian session on Tuesday. There was a wave of USD buying across most currency pairs in a risk averse environment and the safe haven yen was bought as well.

As a result, EURUSD, GBPUSD, USDJPY, AUDUSD have all fallen to new day lows.

Dollar direction pretty much hinges on the Fed and when it will taper, as well as added concern about the US government debt ceiling.

USDJPY fell below the key 99.00 yen level to a session low of 98.50. Focus will be on today’s US housing data and consumer-confidence figures to gauge if the US economy is improving

There is still the possibility of another dip in the dollar as the struggle over the US budget goes down to the wire. 

Fed officials speeches today will be in focus. On Monday New York Fed President William Dudley said that fiscal uncertainties “loom very large” as the US Congress tries to avoid a government shutdown and raise the nation’s debt ceiling.

Euro fell today as German business confidence fell short of analysts expectations. The Ifo business-climate index rose to 107.7 from a revised figure of 107.6 in August, slightly below expectations of a 108.0 reading.

EURUSD slipped to $1.3463, down from an earlier high of $1.3518, a 50 pip loss.

Sterling was also weaker today, after the Bank of England policy maker Miles sounded fairly dovish. GBPUSD fell to $1.5954 from a high of $1.6040.

AUDUSD dipped 45 pips and touched lows of $0.9371 before steadying.


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