European Session – Euro holds steady near 5-week high versus USD
July 29, 2013 12:15 pm
The European session was relatively quiet on Monday and trading was light as investors await a series of key events this week. Major central banks will be holding policy meeting and key macroeconomic data will be released.
The Federal Reserve, European Central Bank and Bank of England will be making policy announcements while the all-important U.S. nonfarm payrolls data are due on Friday and U.S. GDP data is due on Wednesday.
Dollar remains weak across the board today as market participants are doubting that the Fed will start withdrawing stimulus soon. There is speculation that the Fed will be dovish and will want to keep rates low for longer.
The euro traded near five-week high versus dollar, confined within a range since Friday. EURUSD has been trading between key support of $1.3250 and at a five-week high of $1.3296. Focus turns to the ECB meeting on Wednesday.
Sterling remained steady after a string of mixed U.K. data today. Mortgage approvals were down but retail sales were up.
GBPUSD has been trading sideways since last Friday between $1.5355 and $1.5415. Focus turns to the Bank of England policy meeting on Wednesday.
The dollar fell to a one-month low against the yen today, extending the decline that began last Thursday when the greenback was hurt by disappointing U.S. jobless claims data.
Meanwhile, the yen was given an extra boost after Japan’s Nikkei stock exchange dropped to the lowest in a month.
USDJPY reached a low of 97.62 yen in Asia, around where it consolidated through to the European session.
The European session was relatively quiet on Monday and trading was light as investors await a series of key events this week. Major central banks will be holding policy meeting and key macroeconomic data will be released.
The Federal Reserve, European Central Bank and Bank of England will be making policy announcements while the all-important U.S. nonfarm payrolls data are due on Friday and U.S. GDP data is due on Wednesday.
Dollar remains weak across the board today as market participants are doubting that the Fed will start withdrawing stimulus soon. There is speculation that the Fed will be dovish and will want to keep rates low for longer.
The euro traded near five-week high versus dollar, confined within a range since Friday. EURUSD has been trading between key support of $1.3250 and at a five-week high of $1.3296. Focus turns to the ECB meeting on Wednesday.
Sterling remained steady after a string of mixed U.K. data today. Mortgage approvals were down but retail sales were up.
GBPUSD has been trading sideways since last Friday between $1.5355 and $1.5415. Focus turns to the Bank of England policy meeting on Wednesday.
The dollar fell to a one-month low against the yen today, extending the decline that began last Thursday when the greenback was hurt by disappointing U.S. jobless claims data.
Meanwhile, the yen was given an extra boost after Japan’s Nikkei stock exchange dropped to the lowest in a month.
USDJPY reached a low of 97.62 yen in Asia, around where it consolidated through to the European session.
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