European Session – Euro remains above $1.36 after strong Eurozone retail sales
October 3, 2013 12:05 pm
The euro remains above the key $1.36 level on Thursday, close to an eight-month high after being boosted by stronger than expected Euro zone retail sales data.
The seasonally adjusted volume of retail trade increased by 0.7 per cent in August, significantly higher than the 0.2 per cent boost forecast by analysts and up from a 0.5 per cent rise in July.
EURUSD jumped to a high of $1.3615 after the data before steadying back at the $1.3600 level which it has held since Wednesday.
Also lending support to the euro was news that Italian Prime Minister Enrico Letta won a confidence vote in parliament on Wednesday.
GBPUSD rose to a high of $1.6233 after strong UK Services PMI data but soon fell back to a key support level at $1.6195.
The dollar continued to weaken today, down against safe haven currencies, falling 0.4 per cent against the yen, and remains weak against the Swiss franc.
USDJPY found resistance at 97.86 yen in the European session and slipped back down towards key support at 97.60 yen.
The US Federal government shutdown entered its third day and Congress does not appear to be close to reaching a deal on a spending bill even after a meeting with President Barack Obama on Wednesday.
Some US economic reports are due today in the US session, on initial jobless claims and ISM services. This will be the last jobs data until the US government opens. The nonfarm payrolls will not be released tomorrow.
The dollar is hovering near a 19-month low against the safe haven Swiss franc. Today USDCHF is at 0.9023. On Tuesday the pair fell to 0.8991, the lowest since February 2012, as news broke of the US government shutdown.
The euro remains above the key $1.36 level on Thursday, close to an eight-month high after being boosted by stronger than expected Euro zone retail sales data.
The seasonally adjusted volume of retail trade increased by 0.7 per cent in August, significantly higher than the 0.2 per cent boost forecast by analysts and up from a 0.5 per cent rise in July.
EURUSD jumped to a high of $1.3615 after the data before steadying back at the $1.3600 level which it has held since Wednesday.
Also lending support to the euro was news that Italian Prime Minister Enrico Letta won a confidence vote in parliament on Wednesday.
GBPUSD rose to a high of $1.6233 after strong UK Services PMI data but soon fell back to a key support level at $1.6195.
The dollar continued to weaken today, down against safe haven currencies, falling 0.4 per cent against the yen, and remains weak against the Swiss franc.
USDJPY found resistance at 97.86 yen in the European session and slipped back down towards key support at 97.60 yen.
The US Federal government shutdown entered its third day and Congress does not appear to be close to reaching a deal on a spending bill even after a meeting with President Barack Obama on Wednesday.
Some US economic reports are due today in the US session, on initial jobless claims and ISM services. This will be the last jobs data until the US government opens. The nonfarm payrolls will not be released tomorrow.
The dollar is hovering near a 19-month low against the safe haven Swiss franc. Today USDCHF is at 0.9023. On Tuesday the pair fell to 0.8991, the lowest since February 2012, as news broke of the US government shutdown.
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