Euro makes big gains on risk sentiment

11 October, 2013

Risk appetite was up today on news from Washington DC which suggested that there is likely to be a six week extension to the debt ceiling deadline.

By October 17 the US government will reach its borrowing limit so it is important to avert a default by raising this limit. Investors are happy that there are signs of progress in the debt talks.

EURUSD is strong today, up 0.4% since yesterday’s close. Risk sentiment helped demand in the euro. However, the pair is still trading within its narrow range between  $1.3462 and $1.3646 in the last three week since the September 18th FOMC decision. Economic data had little effect, with German CPI showing no surprise at 1.4%y/y and flat 0.0% m/m.

Sterling fell after a weaker than expected construction output data.  GBPUSD is at $1.5970 into the US session and flat on the day.

USDJPY traded in a relatively tight range in the Asian and European session and is entering the US session close to where it closed yesterday at 98.17.


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