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.
The Asian session was calm as the economic calendar was light and most investors were positioning ahead of key risk events later this week, primarily the US nonfarm payrolls report on Friday...
The first full trading week of 2014 began today, with Japan opening for the first time after a two-week holiday...
The pair extended the positive trading, whereas it approached 61.8% correction at 1.3625
The dollar rose above 102.00 yen for the first time since May 29, while the euro flirted with the key $1.36 handle and hit a new four-year high within striking distance of 139.00 yen...
The best performing currency during Thursday’s Asian session was the Australian dollar which jumped against its US counterpart after strong Australian business spending data. Private Capital Expenditure increased by 3.6% quarter-on-quarter despite expectations for a decline by 1.1%...
The main currency of the day was the sterling which outperformed against the dollar and euro, as well as against the yen after being boosted by strong UK second quarter growth data...
The euro was stronger today particularly against the dollar and the pound. While there were no economic data releases today from the Eurozone to explain the move, there were some headline news which affected sterling and dollar...
The yen was supported by safe haven demand today after the release of a slightly dovish Bank of Japan policy meeting minutes. The minute from last weeks meeting showed some concern about Japans economic outlook and whether the central bank 2% inflation target could be met...
The dollar remains bullish against the yen, while the euro hit a new four-year high against the Japanese currency in todays Asian session...
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