24 Jan 2014
Session Recap: Euro performed its best day of the year against the USD
FXstreet.com (San Francisco) - Concerns about global growth were the theme of the day after Chinese HSBC PMI declined to contraction field. On the other side, the Euroarea posted better than expected PMI and the cocktail sent the Euro to test the 1.3700 area again.
This time the risk aversion hurt the dollar as it lost ground against its major competitors. Stocks declined hard while the gold jumped to test 1,265 key resistance.
The Euro rose around 150 pips on Thursday against the US Dollar, performing its biggest single day gain since September and to trade at highest since January 2 at 1.3700. The EUR/USD is closing now at 1.3695, in clear consolidation mode.
"Bulls remain in control with a probable continuation towards 1.3710 area in the short term, as scope for further advances once above this last," commented FXStreet chief editor Valeria Bednarik.
The GBP/USD rallied for fifth day as the cable broke above the 1.6600 level and it closed at 1.6636, highest since May 2011. The USD/JPY declined to test the 103.00 area but the pair bounced at this level and right now it is closing at 103.30.
Main headlines in the American session:
US: Initial Jobless Claims rose to 326K
Canada: Retail Sales (Nov) rose 0.6% MoM
US: Markit Manufacturing PMI fell to 53.7 in January
US: Housing Price Index almost unchanged in November
US: Existing Home Sales up to 4.87M in December
US: CB Leading Indicator rises 0.1% in December
EMU: Consumer Confidence improves to -11.7 in January
IMF says Spain recovering faster than expected
Sea of red in Wall Street on China, VIX and earnings
This time the risk aversion hurt the dollar as it lost ground against its major competitors. Stocks declined hard while the gold jumped to test 1,265 key resistance.
The Euro rose around 150 pips on Thursday against the US Dollar, performing its biggest single day gain since September and to trade at highest since January 2 at 1.3700. The EUR/USD is closing now at 1.3695, in clear consolidation mode.
"Bulls remain in control with a probable continuation towards 1.3710 area in the short term, as scope for further advances once above this last," commented FXStreet chief editor Valeria Bednarik.
The GBP/USD rallied for fifth day as the cable broke above the 1.6600 level and it closed at 1.6636, highest since May 2011. The USD/JPY declined to test the 103.00 area but the pair bounced at this level and right now it is closing at 103.30.
Main headlines in the American session:
US: Initial Jobless Claims rose to 326K
Canada: Retail Sales (Nov) rose 0.6% MoM
US: Markit Manufacturing PMI fell to 53.7 in January
US: Housing Price Index almost unchanged in November
US: Existing Home Sales up to 4.87M in December
US: CB Leading Indicator rises 0.1% in December
EMU: Consumer Confidence improves to -11.7 in January
IMF says Spain recovering faster than expected
Sea of red in Wall Street on China, VIX and earnings