Wednesday's Major Currency Pairs Analysis: EUR/USD, GBP/USD, USD/JPY
ICM Brokers | Apr 15, 2015 02:56AM ET
EUR/USD
The euro rallied against the broadly weaker dollar on Tuesday, rebounding from one-month lows after U.S. data on retail sales fell short of market expectations. The Commerce Department reported that U.S. retail sales jumped 0.9% in March, the largest gain in over a year. But this was still short of the consensus forecast for a 1.1% increase. Meanwhile, tension between Greece and its euro zone creditors continued to remain high. Hours after the Financial Times reported that Greece is formulating a plan on how to respond from a possible default on its debt, officials from Athens denied the report and shot down speculation of a new election that would effectively unseat the Syriza government.
GBP/USD
Sterling was down 0.4% to 1.4616 ahead of the data on Tuesday but turned higher after data showing that the U.K. avoided slipping into negative inflation. British consumer price inflation held steady at a record-low zero percent in March, official figures showed on Tuesday, boosting households' disposable income before May 7's election. The Office for National Statistics said consumer prices rose 0.2 percent between February and March but compared with a year earlier, prices were unchanged, in line with economists' forecasts.
USD/JPY
The dollar pushed lower against a basket of other major currencies on Tuesday, as the release of disappointing U.S. data sparked fresh concerns over the strength of the economy, fuelling uncertainty over the timing of a rate hike.
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