European Session – Dollar rebounds against euro as market digests Fedspeak
November 19, 2013 1:42 pm
The dollar managed to post some gains during the European session. The market was digesting the sometimes conflicting signals sent by Federal Reserve policymakers.
Fed President nominee Janet Yellen for example was quite dovish in her remarks during the previous week, whereas the previous day, New York Fed President William Dudley sounded relatively more upbeat about the US economy.
The euro fell 0.13% against the dollar to trade at 1.3500.
The main economic news of the day was the German ZEW economic sentiment survey, which is the result of a poll of investors and analysts rather than of actual businesses and firms.
The index for November rose to 54.6, higher than the median forecast of 54.0 and climbing significantly relatively to previous month’s 52.8 reading. The euro was little changed immediately after the release of the survey.
In other economic developments, the OECD cut its forecasts for world economic growth during 2014 from 4.0% to 3.6%. The OECD also urged the ECB to purchase assets, in the way other developed countries’ central banks have done.
The dollar was little changed against the yen at 99.83. Sterling was also little changed against the dollar to trade at 1.6096.
There were few economic releases of significance scheduled during the US session, other than 3rd quarter employment costs.
The dollar managed to post some gains during the European session. The market was digesting the sometimes conflicting signals sent by Federal Reserve policymakers.
Fed President nominee Janet Yellen for example was quite dovish in her remarks during the previous week, whereas the previous day, New York Fed President William Dudley sounded relatively more upbeat about the US economy.
The euro fell 0.13% against the dollar to trade at 1.3500.
The main economic news of the day was the German ZEW economic sentiment survey, which is the result of a poll of investors and analysts rather than of actual businesses and firms.
The index for November rose to 54.6, higher than the median forecast of 54.0 and climbing significantly relatively to previous month’s 52.8 reading. The euro was little changed immediately after the release of the survey.
In other economic developments, the OECD cut its forecasts for world economic growth during 2014 from 4.0% to 3.6%. The OECD also urged the ECB to purchase assets, in the way other developed countries’ central banks have done.
The dollar was little changed against the yen at 99.83. Sterling was also little changed against the dollar to trade at 1.6096.
There were few economic releases of significance scheduled during the US session, other than 3rd quarter employment costs.
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