Euro extends rally to fresh 8-month high

October 18, 2013

The risk rally continued today as the US dollar remained weak across the board. Expectations for a continuation of Federal Reserve stimulus until the end of the year are causing a selloff in the greenback.

This helped boost the euro the highest level in eight months while the pound sterling hit a 2-week high against the dollar.

EURUSD finally briefly pierced a key resistance level of $1.3700 before pulling back to end the European session at $1.3680.

GBPUSD hit a 2-week high of $1.6265 due to the weaker greenback and also boosted by yesterday’s strong British retail sales numbers. The higher-than-expected data gives hope the UK economy is recovering and raises the chances the Bank of England will raise interest rates before it had planned to.

USDJPY tumbled to a one-week low of 97.55 yen from the European session open of 98.01 yen. The dollar selloff versus yen happened despite an increase in risk appetite, which should normally  see an outflow of funds from the safe haven Japanese currency. However against the euro, yen fell, with EURJPY peaking at a 3-1/2 week high of 134.17.

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