European Session – US Dollar mixed in quiet session as focus turns to FOMC decision
October 28, 2013 1:08 pm
The new trading week started off quietly, with a light economic calendar in the Asian and European sessions keeping most major currency pairs in ranges. The only major data due for release today is US Pending Home Sales.
The main currency that will be in focus this week will be the US dollar again due to the FOMC policy meeting which begins on Tuesday and ends on Wednesday.
The Federal Reserve is expected to keep quantitative easing well into 2014 after a weak string of recent data raised expectations that the current $85 billion bond buying program will remain in place.
Last week’s closely-watched nonfarm payrolls report missed forecasts and came in lower at 148,000 versus 180,000.
The US dollar’s weakness today helped EURUSD hit a high of 1.3816, not far from a 2-year high. The pair was mostly range-bound during the European session, ending only 0.08% lower.
Sterling started the session off strong, with GBPUSD climbing to a high of 1.6207 but ended lower at 0.13%.
The yen was weaker today, giving both the dollar and the euro a boost higher. USDJPY opened with a 30-pip gap higher from Friday’s close to trade above 97.50 while the EURJPY opened almost 50-pips higher from Friday and stayed above 134.60.
The new trading week started off quietly, with a light economic calendar in the Asian and European sessions keeping most major currency pairs in ranges. The only major data due for release today is US Pending Home Sales.
The main currency that will be in focus this week will be the US dollar again due to the FOMC policy meeting which begins on Tuesday and ends on Wednesday.
The Federal Reserve is expected to keep quantitative easing well into 2014 after a weak string of recent data raised expectations that the current $85 billion bond buying program will remain in place.
Last week’s closely-watched nonfarm payrolls report missed forecasts and came in lower at 148,000 versus 180,000.
The US dollar’s weakness today helped EURUSD hit a high of 1.3816, not far from a 2-year high. The pair was mostly range-bound during the European session, ending only 0.08% lower.
Sterling started the session off strong, with GBPUSD climbing to a high of 1.6207 but ended lower at 0.13%.
The yen was weaker today, giving both the dollar and the euro a boost higher. USDJPY opened with a 30-pip gap higher from Friday’s close to trade above 97.50 while the EURJPY opened almost 50-pips higher from Friday and stayed above 134.60.
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