Thursday's Major Currency Pairs Analysis: EUR/USD, GBP/USD, USD/JPY
ICM Brokers | Mar 26, 2015 05:10AM ET
EUR/USD
The euro continued its recent hot streak against the U.S. dollar, moving above 1.10 as weak data on U.S. durable goods strengthened the case for delaying a potential interest rate hike. EUR/USD rose steadily in U.S. morning trading to reach a two-week high at 1.103 before settling at 1.0974. The pair gained 0.44% or .0048 as it continues its steady rebound from early last week when parity appeared inevitable.
GBP/USD
The pound raised against the U.S. dollar on Wednesday, after upbeat U.K. mortgage approvals data, although the greenback remained mildly supported by hopes for a near-term U.S. rate hike. In a report, the British Banker's Association said that the number of new mortgages approved increased to a five-month high of 37,300 last month from January’s total of 36,400. Analysts had expected the number of new mortgages approved to rise to 36,900 in February.
USD/JPY
The yen was flat on a quiet trading on Wednesday, but with comments from the Bank of Japan's newest board member ahead. New Bank of Japan board member Yutaka Harada's inaugural news conference is today with the economics professor at Waseda University previously suggesting there is room to buy more JGBs. Overnight, the dollar remained broadly lower against a basket of other major currencies on Wednesday, after data showed that U.S. durable goods orders fell unexpectedly in February, fuelling fresh uncertainty over the strength of the economy.
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