This week’s first session saw a number of majors open up slightly below last week’s close against the USD, and continue to drop throughout the session.
The EURUSD opened up at 1.4411, some 17 pips below last week’s close as the recent European debt woes have taken a toll on the single currency. The EURUSD stayed quite steadily around the 1.4114 level for the early part of the session, but descended to a low of 1.4348 in latter stages before recouping some of the losses to trade around the 1.4371 level.
The Sterling also opened up on the back foot against the Dollar opening at 1.6308 and traded close to last week’s close around the 1.6318 levels in the early hours of the Asian session, before descending to trade around the 1.6287. The British currency has been descending in the past few days as last week’s weak inflationary data saw prompted that an interest rate hike in the near future was quite unlikely.
The Japanese has so far gained against the USd, in spite of the USDJPY pair opening up slightly higher for the Asian session at 83.18. The USDJPY pair went on to descent steadily some 30+ pips to reach a session low of 82.85.