US Session – Dollar at 19-month low against Swiss Franc on weak ISM data
October 3, 2013 7:53 pm
The dollar weakened further in the US session on Thursday after US data showed growth in the services sector fell in September as the pace of new orders dipped and hiring declined.
Along with the disappointing data, investors are concerned that the US shutdown has entered its third day and there does not seem to be any compromise yet in Washington between Democrats and Republicans on the Federal spending bill.
The dollar fell to an eight month low against a basket of currencies as it is being sold off as a precaution ahead of the weekend.
As a result of the weaker dollar, the euro rose to a fresh eight-month high, given an extra boost by strong Euro zone data. The Euro-area retail sales rose much more than expected in August, while growth in services companies, increased in September at the fastest rate since June 2011.
EURUSD hit a high of $1.3645 in mid-US session trading hours, the highest level since February and currently up 42 pips on the day at $1.3620.
EURJPY is off the intraday high of 133.19 but ending the day higher.
The dollar is down against the yen, down 60 pips form the day high, and reaching as low as 96.92 in the US session trade. This is the lowest level since August 28.
USDCHF dipped to a 19-month low of 0.8966, the lowest since February of last year before steadying around 0.8990 to end the day.
The dollar weakened further in the US session on Thursday after US data showed growth in the services sector fell in September as the pace of new orders dipped and hiring declined.
Along with the disappointing data, investors are concerned that the US shutdown has entered its third day and there does not seem to be any compromise yet in Washington between Democrats and Republicans on the Federal spending bill.
The dollar fell to an eight month low against a basket of currencies as it is being sold off as a precaution ahead of the weekend.
As a result of the weaker dollar, the euro rose to a fresh eight-month high, given an extra boost by strong Euro zone data. The Euro-area retail sales rose much more than expected in August, while growth in services companies, increased in September at the fastest rate since June 2011.
EURUSD hit a high of $1.3645 in mid-US session trading hours, the highest level since February and currently up 42 pips on the day at $1.3620.
EURJPY is off the intraday high of 133.19 but ending the day higher.
The dollar is down against the yen, down 60 pips form the day high, and reaching as low as 96.92 in the US session trade. This is the lowest level since August 28.
USDCHF dipped to a 19-month low of 0.8966, the lowest since February of last year before steadying around 0.8990 to end the day.
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