European Session – Dollar pauses from last week’s rally
May 20, 2013 1:16 pm
The euro pushed higher against the dollar in a quiet European session on Monday, as investors took a pause from buying up the greenback after strong US data on Friday propelled it to six-week highs versus the euro.
On Friday the University of Michigan consumer sentiment report was released, giving the best results since July 2007.
EURUSD hit a high of $1.2877, climbing from a European session open of $1.2840. Volumes were light due to lack of news flow and no key data releases. Also markets in Germany and France were closed for a public holiday today.
GBPUSD also rose in tandem with EURUSD and reached a high of $1.5217 during early European trading and subsequently consolidated at 1.5200.
Yen held onto gains after an unexpected jump against the dollar in the Asian session today following comments from Japanese economy minister who warned of the excessive decline in yen and that the currency has corrected far enough already.
USDJPY fell off a four-year high of 103.29 hit last Friday and tumbled to a low of 101.95 in the early Asian trade before steadying an trading around lows of 102.50 by the end of the European session.
EURJPY dipped to 130.91 from Friday’s high of 132.52 and stabilized around 131.90 into the European session.
The euro pushed higher against the dollar in a quiet European session on Monday, as investors took a pause from buying up the greenback after strong US data on Friday propelled it to six-week highs versus the euro.
On Friday the University of Michigan consumer sentiment report was released, giving the best results since July 2007.
EURUSD hit a high of $1.2877, climbing from a European session open of $1.2840. Volumes were light due to lack of news flow and no key data releases. Also markets in Germany and France were closed for a public holiday today.
GBPUSD also rose in tandem with EURUSD and reached a high of $1.5217 during early European trading and subsequently consolidated at 1.5200.
Yen held onto gains after an unexpected jump against the dollar in the Asian session today following comments from Japanese economy minister who warned of the excessive decline in yen and that the currency has corrected far enough already.
USDJPY fell off a four-year high of 103.29 hit last Friday and tumbled to a low of 101.95 in the early Asian trade before steadying an trading around lows of 102.50 by the end of the European session.
EURJPY dipped to 130.91 from Friday’s high of 132.52 and stabilized around 131.90 into the European session.
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