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14 Mar 2015
Session recap: US dollar takes the week's leader board
FXStreet (Guatemala) - With the Fed approaching next week, the greenback was strong again this week and took out new yearly lows across a number of its counterparts in the FX space.
The US data was in the most part ignored today as the market piled in to the greenback. Oil tumbled, stocks dropped early session recovering somewhat in to the close, and the market continued to lay on the supply in the single currency on the back of the ECB's programme commencing this week.
EUR/USD was taken down to yet new lows and well and truly bringing in the question of 'parity' into the picture. The single bloc currency was offered into the London shift and took out 1.0510 as the US session got under way, where traders were without an appetite for the euro and scrambling for the greenback. Through the handle was a quick run of stops towards the mid point of 1.04 before recovering for a second time from areas 1.0465 and 1.0461, the low, and into a minor recovering drift into the close.
USD/CAD was strong, moving up and scoring new yearly highs also. Since the start of the year we are around 12 cents higher, and the price of oil continues to dictate the pair. WTI was circa $5 down at one point on the day with plenty of the black stuff in supply. The loonie was 1.2825 to the greenback and at its weakest point since 2009.
GBP/USD was injured in taking a heavy knock from the markets appetite for the US dollar and went from 1.4898 to 1.4698, starting the move in early London and finishing up in the US shift. There was some give back on the back of the PPI's misses and consumer confidence disappointing in the US but that was short lived by 50 pips that were faded at the upper quarter of the 1.47 handle. The pound ended up reaching the lowest level since 2010 at 1.4698.
USD/JPY was relatively steady in a tight 25 pips range while the Aussie and Kiwi were suffering the dollars come back. AUD/USD was starting 0.7712 overnight and ending with a low 0.7608 by the US close. NZD/USD was in territory circa 0.74 and then down to 0.7312 the low.
Key Data events:
Canadian Net Change in Employment (Feb): 1.0K vs -5.0k consensus
Canadian Unemployment Rate (Feb): 6.8% vs 6.7% consensus
US Producer Price Index (YoY) (Feb): -0.6% vs 0.0% consensus
Michigan Consumer Sentiment Index (Mar) Preliminar: 91.2 vs 95.5 exp
The US data was in the most part ignored today as the market piled in to the greenback. Oil tumbled, stocks dropped early session recovering somewhat in to the close, and the market continued to lay on the supply in the single currency on the back of the ECB's programme commencing this week.
EUR/USD was taken down to yet new lows and well and truly bringing in the question of 'parity' into the picture. The single bloc currency was offered into the London shift and took out 1.0510 as the US session got under way, where traders were without an appetite for the euro and scrambling for the greenback. Through the handle was a quick run of stops towards the mid point of 1.04 before recovering for a second time from areas 1.0465 and 1.0461, the low, and into a minor recovering drift into the close.
USD/CAD was strong, moving up and scoring new yearly highs also. Since the start of the year we are around 12 cents higher, and the price of oil continues to dictate the pair. WTI was circa $5 down at one point on the day with plenty of the black stuff in supply. The loonie was 1.2825 to the greenback and at its weakest point since 2009.
GBP/USD was injured in taking a heavy knock from the markets appetite for the US dollar and went from 1.4898 to 1.4698, starting the move in early London and finishing up in the US shift. There was some give back on the back of the PPI's misses and consumer confidence disappointing in the US but that was short lived by 50 pips that were faded at the upper quarter of the 1.47 handle. The pound ended up reaching the lowest level since 2010 at 1.4698.
USD/JPY was relatively steady in a tight 25 pips range while the Aussie and Kiwi were suffering the dollars come back. AUD/USD was starting 0.7712 overnight and ending with a low 0.7608 by the US close. NZD/USD was in territory circa 0.74 and then down to 0.7312 the low.
Key Data events:
Canadian Net Change in Employment (Feb): 1.0K vs -5.0k consensus
Canadian Unemployment Rate (Feb): 6.8% vs 6.7% consensus
US Producer Price Index (YoY) (Feb): -0.6% vs 0.0% consensus
Michigan Consumer Sentiment Index (Mar) Preliminar: 91.2 vs 95.5 exp