European Session – Dollar gains in post-Yellen trading
November 15, 2013 1:27 pm
The US dollar managed to make some gains – particularly against the yen – in a session with few fundamental news drivers in Europe.
The dollar gained an additional 0.22% against the yen, holding above 100 yen level throughout the session and trading at 100.30 yen.
The yen was hurting as a result of rising risk appetite.
The market appeared to digest the previous day’s testimony by Janet Yellen before the US Senate banking committee.
A Eurozone stock market gauge, the Eurostoxx 50 was trading little changed, following an almost 2% rally in the Nikkei earlier.
The dollar was steady versus the euro, gaining a mere 0.05% to trade at 1.3454. For the past three trading days, EURUSD has traded in a narrow range between 1.3400 and 1.3500.
It appears the ‘bad’ news about the US dollar and the euro – Janet Yellen and GDP growth respectively – somehow balanced each other for the time being.
Sterling reversed a minor portion of its gains of the Asian session by dropping 0.07% against the US dollar to trade at 1.6073.
On the other hand, the pound continued its upward march against the yen by gaining 0.14% to trade at 161.20.
The pound was a beneficiary of the risk-on sentiment that was evident around the world.
The market was looking forward to US industrial production and capacity utilization figures for October and wholesale inventory and sales data for September.
The US dollar managed to make some gains – particularly against the yen – in a session with few fundamental news drivers in Europe.
The dollar gained an additional 0.22% against the yen, holding above 100 yen level throughout the session and trading at 100.30 yen.
The yen was hurting as a result of rising risk appetite.
The market appeared to digest the previous day’s testimony by Janet Yellen before the US Senate banking committee.
A Eurozone stock market gauge, the Eurostoxx 50 was trading little changed, following an almost 2% rally in the Nikkei earlier.
The dollar was steady versus the euro, gaining a mere 0.05% to trade at 1.3454. For the past three trading days, EURUSD has traded in a narrow range between 1.3400 and 1.3500.
It appears the ‘bad’ news about the US dollar and the euro – Janet Yellen and GDP growth respectively – somehow balanced each other for the time being.
Sterling reversed a minor portion of its gains of the Asian session by dropping 0.07% against the US dollar to trade at 1.6073.
On the other hand, the pound continued its upward march against the yen by gaining 0.14% to trade at 161.20.
The pound was a beneficiary of the risk-on sentiment that was evident around the world.
The market was looking forward to US industrial production and capacity utilization figures for October and wholesale inventory and sales data for September.
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