7 May 2014
Session Recap: Dollar weakness; EUR/USD and GBP/USD accelerate
FXStreet (San Francisco) - The dollar index declined to its lowest level in six months on Tuesday amid itself weakness as well as positive data in Europe plus talks of negative US GDP growth in the Q1.
The dollar weakness drove the EUR/USD and GBP/USD to reach further highs while the USD/JPY declined 3-week lows; however, as Jamie Coleman from FXBeat said in a recent report: 'key levels hold so far.'
The EUR/USD shattered the 1.3900 area to test fresh highs since March 13 at 1.3950; positive tone is still on; however the pair remains just below the 2014 high of 1.3970.
The GBP/USD peaked to 1.6995, highest since August 2009, however the pair couldn't break the 1.7000 area and it returned to consolidate around 1.6970. The USD/JPY lost the 102.00 area but it found buying interest around 101.50. The pair closed at 101.65.
Main headlines in the American session
US: Trade deficit (Mar) narrowed to $40.38 billion
Canada's Ivey PMI falls to 54.1 from 55.2, seasonally adjusted
US stocks close around lows of the day
The dollar weakness drove the EUR/USD and GBP/USD to reach further highs while the USD/JPY declined 3-week lows; however, as Jamie Coleman from FXBeat said in a recent report: 'key levels hold so far.'
The EUR/USD shattered the 1.3900 area to test fresh highs since March 13 at 1.3950; positive tone is still on; however the pair remains just below the 2014 high of 1.3970.
The GBP/USD peaked to 1.6995, highest since August 2009, however the pair couldn't break the 1.7000 area and it returned to consolidate around 1.6970. The USD/JPY lost the 102.00 area but it found buying interest around 101.50. The pair closed at 101.65.
Main headlines in the American session
US: Trade deficit (Mar) narrowed to $40.38 billion
Canada's Ivey PMI falls to 54.1 from 55.2, seasonally adjusted
US stocks close around lows of the day