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17 Dec 2013
Session Recap: The USD cedes small in a choppy day
FXstreet.com (San Francisco) - Economic data across the globe fueled risk appetite but movements were small in the currency market as investors are focused on the FOMC 2-day meeting that starts on Tuesday. The USD declined across the board.
Worldwide PMIs showed growth in China, the Eurozone and the US but advanced were limited and in some cases weaker than expected. The NY Empire State Manufacturing Index showed a lower than expected recovery in December and the industrial production jumped the most since December 2010.
Late in the day, Mario Draghi’s comments on dovish, but not too much, eurozone situation added pressure to the Euro. The ECB president said that the recovery is still fragile and confirmed ECB assessment. Meanwhile, Spanish banks emerged from bailout treatment; sadly the unemployment or care didn't do it too.
The EUR/USD advanced to test the 1.3800 again but today was a swing day with the pair moving in between the mentioned level and 1.3725. Finally, the EUR/USD closed the day at 1.3760. In the daily chart, it seems the EUR/USD is consolidating levels above the 1.3700 area and getting ready to jump for further highs.
The GBP/USD advanced for the first time in four days with the cable testing highs of 1.6345 but fading to close at 1.6300. The USD/JPY extended declines from 103.90 and tested lows at 102.70. The Dollar to Yen exchange rate finished the Monday at 102.70.
Main headlines in the American session:
US: NY Empire State index rises to 0.98 in December
US: Non-farm Productivity rose 3.0% in Q3
US: Markit Manufacturing PMI edges lower in December (Prelim.)
US: Net Long-Term TIC Flows rise to $35.4B in October
Draghi: Data confirms ECB's assessment; recovery is fragile
US: Industrial Production up 1.1% in November
Rumors fuel 2-day golden gains
Libya’s halting oil production sending price higher
Wall Street rallies amid economic data
Worldwide PMIs showed growth in China, the Eurozone and the US but advanced were limited and in some cases weaker than expected. The NY Empire State Manufacturing Index showed a lower than expected recovery in December and the industrial production jumped the most since December 2010.
Late in the day, Mario Draghi’s comments on dovish, but not too much, eurozone situation added pressure to the Euro. The ECB president said that the recovery is still fragile and confirmed ECB assessment. Meanwhile, Spanish banks emerged from bailout treatment; sadly the unemployment or care didn't do it too.
The EUR/USD advanced to test the 1.3800 again but today was a swing day with the pair moving in between the mentioned level and 1.3725. Finally, the EUR/USD closed the day at 1.3760. In the daily chart, it seems the EUR/USD is consolidating levels above the 1.3700 area and getting ready to jump for further highs.
The GBP/USD advanced for the first time in four days with the cable testing highs of 1.6345 but fading to close at 1.6300. The USD/JPY extended declines from 103.90 and tested lows at 102.70. The Dollar to Yen exchange rate finished the Monday at 102.70.
Main headlines in the American session:
US: NY Empire State index rises to 0.98 in December
US: Non-farm Productivity rose 3.0% in Q3
US: Markit Manufacturing PMI edges lower in December (Prelim.)
US: Net Long-Term TIC Flows rise to $35.4B in October
Draghi: Data confirms ECB's assessment; recovery is fragile
US: Industrial Production up 1.1% in November
Rumors fuel 2-day golden gains
Libya’s halting oil production sending price higher
Wall Street rallies amid economic data