31 October, 2013
The euro took a tumble against the US dollar and the yen today as a result of weak data, especially CPI data released during the European session.
Euro zone inflation was far weaker than expected, with the flash CPI estimate dropping to 0.8% on the core figure and 0.7% on headline inflation. Weak German retail sales, rising Euro zone unemployment are all also contributing to euro’s weakness.
EURUSD opened in Europe at $1.3704 and slid towards the key psychological $1.3600 level. EURJPY fell 0.7% from the European session open of 134.72 towards 133.80 yen.
Sterling was flat against the dollar, with GBPUSD having traded in a narrow range in both the Asian and European Sessions, just above the key $1.6000 level.
Meanwhile, data from the UK was mixed – UK Nationwide Housing prices rose 1.0% but GfK consumer confidence weakened.
The US dollar retraced some of its gains made against the yen from late Wednesday when it was propelled higher after the Federal Reserve monetary policy statement that quantitative easing will continue.
USDJPY move off the post-FOMC high of 98.66 yen to edge lower in Asian and European trading today to reach a low of 98.15 where it steadied.
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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