Major Currency Pairs Analysis: September 20, 2013
ICM Brokers | Sep 20, 2013 05:35AM ET
EUR/USD
The euro was near a seven-month high before data forecast to show consumer confidence was the strongest in more than two years in the 17-nation currency bloc and manufacturing expanded for a third month. The shared currency traded 0.4 percent from an almost four-year high versus the yen before European Central Bank President Mario Draghi speaks next week. The euro fetched $1.3540.
GBP/USD
The pound dropped by the most in seven weeks against the dollar after a government report showed U.K. retail sales unexpectedly declined in August. Retail sales have proved a bit of a reality check for sterling,” said Simon Smith, chief economist at FoxPro Group Ltd. in London. “There had a decent run of better-than-expected data in the U.K. which had been pushing the pound higher and the Fed just gave it last push above $1.60. It had the wind taken out of its sails a bit. The pound weakened 0.6 percent to $1.6025.
USD/JPY
Japan’s currency slid after a central-bank policy maker said pressure may mount to expand stimulus. The dollar fluctuated to a seven-month low as Fed policy makers maintained monthly bond purchases at $85 billion. Bank of Japan Governor Haruhiko Kuroda said today that policy makers will continue to take appropriate action in conducting monetary policy. The yen was poised for weekly losses against 15 of its 16 major peers.
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USD/CAD
Canada’s dollar fell from a three-month high as traders bet the currency had moved too far, too fast after slower U.S. growth prompted the Federal Reserve to unexpectedly maintain monetary stimulus yesterday. U.S. government debt rallied yesterday as the Fed maintained its $85 billion in monthly asset purchases, sending borrowing costs down and widening the interest-rate gap between Canadian and U.S. two-year government debt to the most since January.
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