Euro hovers at 2-year high, US dollar hit by higher jobless claims

October 24, 2013

The euro hovers at a two-year high against the dollar, recovering from a brief dip following Euro zone PMI business sentiment data for October which missed forecasts.

EURUSD flirted with the $1.3800 level, peaking at $1.3825, which is the highest since November 2011.

The euro remains bullish in the short term on the back of a weaker US dollar. The greenback was knocked down after disappointing US jobless claims data, which showed more Americans filed for unemployment benefits in the prior week.

USDJPY has been mostly range-bound today, but has fallen over 1 percent since the Tuesday high of 98.47.

The dollar fell to 97.22 against the yen, a level tested a few times today. A further decline is prevented due to the relatively risk-on appetite in markets today on the back of stronger-than-forecast China PMI data. 

The British pound slipped briefly after softer than expected CBI data  on UK Industrial Order Expectations. GBPUSD touched a session low of $1.6136 before bouncing again after the US jobless claims data hurt dollar.

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