US Session – Dollar rally stalls after disappointing U.S. jobless claims
August 22, 2013 7:56 pm
Currency markets remain obsessed with Fed minutes and tapering, which is keeping the U.S. dollar supported.
As seen on Wednesday after the publication, the July minutes showed that the FOMC committee was comfortable with Bernanke’s plan to begin tapering bond purchases “sometime this year.”
Dollar gained most against the yen today, as well as against the pound and euro. Dollar gains were capped though after some U.S. data on jobless claims were not as good as expected.
The number of people who filed for unemployment benefits in the U.S. rose more-than-forecast last week. Jobs data are closely watched by the Fed in order to be able to decide when to begin tapering. The upcoming nonfarm payrolls in two weeks are now in focus.
The euro was able to trim some losses against the dollar after the disappointing U.S. jobs data, with EURUSD rising to a high of $1.3372 in the U.S. session, moving off a previous session low of $1.3297.
Sterling is on the backfoot, with some dovish comments from Bank of England MPC member Martin Weale adding to the softer tone by saying that more QE might be needed if the U.K. recovery stalls.
GBPUSD reached a one – week low at $1.5562 and consolidated around this level for the rest of the day.
USDJPY remained well bid since the Fed minutes, advancing all day today to as high as 98.80 yen in Europe where it found resistance and consolidated around this level in the U.S. Session after further gains were capped by the U.S. jobless claims data.
Currency markets remain obsessed with Fed minutes and tapering, which is keeping the U.S. dollar supported.
As seen on Wednesday after the publication, the July minutes showed that the FOMC committee was comfortable with Bernanke’s plan to begin tapering bond purchases “sometime this year.”
Dollar gained most against the yen today, as well as against the pound and euro. Dollar gains were capped though after some U.S. data on jobless claims were not as good as expected.
The number of people who filed for unemployment benefits in the U.S. rose more-than-forecast last week. Jobs data are closely watched by the Fed in order to be able to decide when to begin tapering. The upcoming nonfarm payrolls in two weeks are now in focus.
The euro was able to trim some losses against the dollar after the disappointing U.S. jobs data, with EURUSD rising to a high of $1.3372 in the U.S. session, moving off a previous session low of $1.3297.
Sterling is on the backfoot, with some dovish comments from Bank of England MPC member Martin Weale adding to the softer tone by saying that more QE might be needed if the U.K. recovery stalls.
GBPUSD reached a one – week low at $1.5562 and consolidated around this level for the rest of the day.
USDJPY remained well bid since the Fed minutes, advancing all day today to as high as 98.80 yen in Europe where it found resistance and consolidated around this level in the U.S. Session after further gains were capped by the U.S. jobless claims data.
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