Major Currency Pairs Analysis: April 15, 2014
ICM Brokers | Apr 15, 2014 03:49AM ET
EUR/USD
The euro dropped against most of 16 major counterparts after European Central Bank President Mario Draghi said further appreciation in the currency would trigger more monetary stimulus. The dollar had the biggest gain in almost three weeks versus Europe’s shared currency after U.S. retail sales rose in March by the most since September 2012., which it has raised nine times in the past year, will attract investors. The market is “definitely paying attention to the comments, but at the same time they’re struggling to understand what the real message is and how clear the easing signal is,” Nick Bennenbroek, head of currency strategy at Wells Fargo & Co. in New York, said in a phone interview. “We had some solid U.S. data as well, so that was supportive of the dollar.” The euro weakened 0.5 percent to $1.3820.
GBP/USD
Currency traders are more bullish on the pound that at any time in the past three years as the U.K.’s booming property market fuels speculation the Bank of England. Sterling, which strengthened against all its 31 major peers in the past six months, extended its advance versus the euro today after Rightmove Plc said house prices increased to an all-time high in April, U.K. government bonds fell. The U.K. currency gained 4.8 percent in the past six months, the best performer among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes, the dollar weakened 0.5 percent.
USD/JPY
Japanese yen fell, Regional Japanese banks sell the most dollar-denominated convertible debt since at least 1999, as the lenders took advantage of a stock-market rally to fund overseas expansion. The world’s largest underwriter of the notes helped to arrange three of the firms’ five U.S. currency sales in the last 12 months. It co-managed deals by Yamagata Bank Ltd., Bank of Iwate Ltd. and Shizuoka Bank Ltd., whose convertible offering last April was the first by a Japanese company since 2002. While the Topix index erasing gains in the final minutes of trading to cap its longest losing streak since October, as shippers slumped and the yen gained. The yen trade at 101.80.
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USD/CAD
Consumer sentiment in Quebec rose the most in more than nine months after the primarily French-speaking province voted out the separatist Parti Quebecois in an election last week. Consumer sentiment is “cautiously optimistic,” Louis Vachon, Montreal-based chief executive officer at National Bank of Canada, said in an April 10 interview after its annual general meeting in Calgary. National Bank is Canada’s sixth-largest lender by assets. “People expect moderate growth, moderate growth in employment and that’s what I see right now.” Statistics Canada will report factory sales for February on April 15, the Canadian dollar was little changed.
EUR/USD
The euro dropped against most of 16 major counterparts after European Central Bank President Mario Draghi said further appreciation in the currency would trigger more monetary stimulus. The dollar had the biggest gain in almost three weeks versus Europe’s shared currency after U.S. retail sales rose in March by the most since September 2012., which it has raised nine times in the past year, will attract investors. The market is “definitely paying attention to the comments, but at the same time they’re struggling to understand what the real message is and how clear the easing signal is,” Nick Bennenbroek, head of currency strategy at Wells Fargo & Co. in New York, said in a phone interview. “We had some solid U.S. data as well, so that was supportive of the dollar.” The euro weakened 0.5 percent to $1.3820
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