24 Jun 2013
Session Recap: USD consolidation day, the Euro recovers ground
FXstreet.com (San Francisco) - The US dollar traded slightly lower on Monday as equities led the investor's sphere. It was a quite dull trading journey "where US stocks recovery mid American afternoon from deep red, favored a greenback slide against most rivals," as FXstreet.com analyst Valeria Bednarik commented in a recent report.
Market was under pressure as investors were concerned about the Fed QE tapering idea and its consequences into the economic recovery. In addition, the Chinese stocks collapse added fuel to the worries. As for tomorrow, players will be closely watching the China cash crunch issue and currencies will again be led by equities.
The EUR/USD found support at the 1.3055 area and currently it’s trading above the 1.3120 level. The GBP/USD moved higher to test the 1.5465 as intra-day high after filling the opening gap. The USD/JPY tested 98.70 as highest since June 11 but the pair lost steam and it finished the day around 97.65.
The AUD/USD managed to recover initial losses and tested the 0.9300 area to close its second positive day in the last 7 sessions at 0.9260. The USD/CAD jumped to 1.0550 but the pair was unable to hold levels and now it's at 1.0490.
Main headlines in the American session:
US: Chicago Fed National Activity Index contraction slows down in May
Fitch sees moderate US growth in 2013, 2014
US equities plummet on China concerns
Berlusconi sentenced to 7 years in jail in underage prostitution case
Fed’s Kocherlakota: Backs QE buying until unemployment falls below 7%
Fed’s Fisher: Would worry about spike in bond yields
Wall Street closes lower on Fed and China worries
Market was under pressure as investors were concerned about the Fed QE tapering idea and its consequences into the economic recovery. In addition, the Chinese stocks collapse added fuel to the worries. As for tomorrow, players will be closely watching the China cash crunch issue and currencies will again be led by equities.
The EUR/USD found support at the 1.3055 area and currently it’s trading above the 1.3120 level. The GBP/USD moved higher to test the 1.5465 as intra-day high after filling the opening gap. The USD/JPY tested 98.70 as highest since June 11 but the pair lost steam and it finished the day around 97.65.
The AUD/USD managed to recover initial losses and tested the 0.9300 area to close its second positive day in the last 7 sessions at 0.9260. The USD/CAD jumped to 1.0550 but the pair was unable to hold levels and now it's at 1.0490.
Main headlines in the American session:
US: Chicago Fed National Activity Index contraction slows down in May
Fitch sees moderate US growth in 2013, 2014
US equities plummet on China concerns
Berlusconi sentenced to 7 years in jail in underage prostitution case
Fed’s Kocherlakota: Backs QE buying until unemployment falls below 7%
Fed’s Fisher: Would worry about spike in bond yields
Wall Street closes lower on Fed and China worries