European Session – Euro strengthens on weaker dollar and yen; G20 in focus
April 19, 2013 1:32 pm
Markets were focused on the G20 meeting in Washington DC this Friday. Japanese Finance Minister Taro Aso said that Japan’s monetary policies were not opposed by the G20, which opens the door to further yen weakness.
This helped strengthen the euro, mainly on the back of EURJPY which broke the key 130.00 yen level and rose to as high as 130.22 going into the US session.
EURUSD rose to $1.3096 in early European trading before breaking higher as the North American trading session approached, advancing to $1.3116.
Euro reacted little to disappointing German producer prices, which fell 0.2 percent and weak Italian industrial orders, which fell 2.5 percent. The developments of the G20 meeting were driving markets today, rather than fundamentals.
Sterling outperformed, up 0.4 percent in the London session and flirting with this week’s highs. GBPUSD hit a high of $1.5366. There was no UK data today but a broadly weaker dollar helped.
Yen lost over 1 percent as USDJPY hovers at highs of 99.35 and is looking to reach the 100 yen level, as the G20 did not object to Japan’s recent monetary easing policies.
Markets were focused on the G20 meeting in Washington DC this Friday. Japanese Finance Minister Taro Aso said that Japan’s monetary policies were not opposed by the G20, which opens the door to further yen weakness.
This helped strengthen the euro, mainly on the back of EURJPY which broke the key 130.00 yen level and rose to as high as 130.22 going into the US session.
EURUSD rose to $1.3096 in early European trading before breaking higher as the North American trading session approached, advancing to $1.3116.
Euro reacted little to disappointing German producer prices, which fell 0.2 percent and weak Italian industrial orders, which fell 2.5 percent. The developments of the G20 meeting were driving markets today, rather than fundamentals.
Sterling outperformed, up 0.4 percent in the London session and flirting with this week’s highs. GBPUSD hit a high of $1.5366. There was no UK data today but a broadly weaker dollar helped.
Yen lost over 1 percent as USDJPY hovers at highs of 99.35 and is looking to reach the 100 yen level, as the G20 did not object to Japan’s recent monetary easing policies.
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