Major Currency Pairs: Pound Reaches Highs Against The Dollar
ICM Brokers | Feb 11, 2014 05:18AM ET
EUR/USD
A measure of global currency volatility declined to the lowest in more than fourteen days, before the release of data in coming days that may show U.S. retail sales stuck while jobless claims declined. Demand for the euro was limited with a report due tomorrow that may show industrial production in the region fell in December. Euro rose to $1.3645 against the U.S. dollar after gaining 0.1% yesterday. The shared currency traded at 1.3679 as twelve days high during the early morning traded today gaining additional 0.1%.
GBP/USD
The pound reached the strongest level in a week against the dollar before an industry report today that showed an increase in the retail sales in January by 3.9%, adding to evidence the recovery is gaining momentum. In addition of expectations that improving the economy will prompt the Bank of England to raise interest rates sooner than it predicts. The central bank is due to release forecasts for economic growth and consumer prices in its quarterly Inflation Report on Wednesday. U.K. government bonds declined. The pound was little changed at $1.6434 after rising 0.6% in the previous two days.
USD/JPY
Yen traded 0.4% stronger against the U.S. dollar, before Federal Reserve Chairman Janet Yellen testifies to lawmakers today, as the central bank weighs additional cuts to its bond buying. A gauge of global currency volatility dropped to the least in more than two weeks, ahead of data in coming days that may show U.S. retail sales stalled while jobless claims declined. Yen was little changed at 102.24 against the greenback after touching 102.64 yesterday, the weakest since January 31.
USD/CAD
Loonie declines for the second day against the greenback as an effect of U.S. unemployment high data, which released lately last week. Although the employment growth in Canada, as the unemployment rate declined by 0.1% last month down to 7.0%, but investors still pessimistic, hence the Consumer sentiment in Canada fell to the lowest since May on speculation the nation’s economic outlook is worsening. The Confidence Index declined to 56.0 in the week ending February 7 from a previous reading of 56.6, the fourth straight drop. The Canadian dollar lost 0.4% since yesterday morning, reaching the level of 1.1091, as the weakest point during the morning trades.
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