Safe havens taking a respite - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the safe havens in the dollar and yen took a breath during the first half of the US day.

Key Quotes:

"Recovering modestly across the board as, despite equities in  Asia and Europe continue to move higher, the momentum decelerated. The EUR/USD pair managed to rally up to 1.1119 after Wall Street's opening,  but failed to extend its gains, hovering around the 1.1100 figure by the end of the day.

There were little relevant macroeconomic data both shores of the Atlantic, although EU industrial production declined by -1.2% MoM in May, whist April reading was upwardly revised to 1.4%. In May, and compared to a year before, production rose by 0.5%, below market's expectations. Considering latest German data, also disappointing in the industrial and manufacturing sector, the readings are a clear indication that the region is struggling with economic growth. In the US, import prices rose 0.2% in June, after rising 1.4% in May, while export prices surged by 0.8% following a 1.2% advance in May.