Euro falls from 2-year high against US dollar

October 23, 2013

The US dollar extended losses against the yen during the European session, still suffering losses following the disappointing US nonfarm payrolls report yesterday. However the greenback managed to eke out some gains versus the euro and sterling.

USDJPY tumbled to a European Session low of 97.14 yen. It was little changed during the session but on the day it has lost 0.7 percent.

After a strong rally to a 2 -year high, the euro was due for a correction against the dollar as profit-taking opportunities were taken by investors. 

EURUSD fell 0.14 percent against the dollar to $1.3753. Against the yen, euro fell from a 4-year high of 135.50 hit yesterday, to drop to a low of 133.60 today.

Euro will be closely watched as the European Central Bank stress tests are underway, with tougher measures in place when reviewing Eurozone banks. European stock markets fell today on the news.

Sterling extended losses against the dollar after falling hard as soon as the European session began, with GBPUSD opening at $1.6212 and slipping to $1.6120. 

The Bank of England Minutes to the October 8-9 meeting of the Monetary Policy Committee were released today and showed policy members unanimously voted to keep monetary policy unchanged and the interest rate at 0.50 percent. There were signs that policy will not be changed soon and this led to the weakness in the pound.

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