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13 Feb 2014
Session Recap: Bad day to be a USD bull
FXStreet (San Francisco) - The US dollar extended losses on Thursday against its major competitors as investors were thinking the Fed will be reluctant to extend tapering amid the latest set of news. Worst-than-expected retail sales and jobless claims reports pushed the Greenback under pressure.
Different story in Wall Street as strong earnings reports helped to digest the bad economic data numbers and the notion the fed wouldn't extend tapering helped bullish sentiment with stocks closing at 3-week highs. Oil held above the $100.00 mark while the gold traded at 3-month highs above 1,300/oz.
The EUR/USD recovered last 2-day losses and posted February highs around 1.3691. This "level continues to attract sellers limiting the upside, albeit pullbacks so far had been pretty shy, suggesting this time may be the time," comments Valeria Bednarik, FXStreet chief analyst. Hourly chart shows more upside in the short term, "nevertheless, the pair needs to establish firmly above 1.3700 to be able to extend its gains this Friday," pointed Bednarik.
The GBP/USD rose for sixth day to post 3-year highs at 1.6672 and after a short period of consolidation, it is now trading back above 1.6650. The USD/JPY confirmed its rejection of the 102.65 level and it extended losses below 102.00. However the pair managed to recover ground and closed at 102.22.
Main headlines in the American session:
US: Initial Jobless Claims rose to 339K
US: Retail Sales fell 0.4% in January
Gold breaks $1300 but that’s not the important level
Letta to resign as Italy's Prime Minister
US stocks posted gains after recovering initial losses
Different story in Wall Street as strong earnings reports helped to digest the bad economic data numbers and the notion the fed wouldn't extend tapering helped bullish sentiment with stocks closing at 3-week highs. Oil held above the $100.00 mark while the gold traded at 3-month highs above 1,300/oz.
The EUR/USD recovered last 2-day losses and posted February highs around 1.3691. This "level continues to attract sellers limiting the upside, albeit pullbacks so far had been pretty shy, suggesting this time may be the time," comments Valeria Bednarik, FXStreet chief analyst. Hourly chart shows more upside in the short term, "nevertheless, the pair needs to establish firmly above 1.3700 to be able to extend its gains this Friday," pointed Bednarik.
The GBP/USD rose for sixth day to post 3-year highs at 1.6672 and after a short period of consolidation, it is now trading back above 1.6650. The USD/JPY confirmed its rejection of the 102.65 level and it extended losses below 102.00. However the pair managed to recover ground and closed at 102.22.
Main headlines in the American session:
US: Initial Jobless Claims rose to 339K
US: Retail Sales fell 0.4% in January
Gold breaks $1300 but that’s not the important level
Letta to resign as Italy's Prime Minister
US stocks posted gains after recovering initial losses