The Euro as part of the European session covered some of the losses it sustained during the Asian session. The main news that headlined the world and the market today was the announcement of Osama bin Laden being killed that helped the Dollar make gains earlier in the day. The single currency managed to recover a near 50 pips. As part of the session hawkish production manufacturing index figures were announced both in the Eurozone and Germany, the Eurozone’s biggest economy, but did not generate significant volatility.
The Sterling had a sluggish today with the GBPUSD pair traded at a 41pip range. No significant news were announced or anything interesting was developed as the UK market was closed following today being a bank holiday. Later in the day Construction Spending figures are to be announced in the USA , which if hawkish combined with the Osama bin Laden found dead announcement and the UK market being closed could really help the Dollar get back on its feet against the GBP.
The Euro continued to make gains against the British Pound. On Friday the Euro was on a 6 month high against the Sterling and later dropped but since the Asian Session today it has been gaining. With the UK market being closed it was easier for the Euro to make gains. Important PMI figures just like the ones that were released today in Germany and Eurozone are to be released tomorrow in the UK.
The Swiss Franc during the Asian session slipped from the all-time high against the Dollar following the announcement of Osama bin Laden found dead. As part of the European Session however the Swiss Franc appears to be recovering its Asian Session losses. An hour ago the USDCHF pair recorded a session low of 0.8652 which if not revisited could lead to more gains for the US Dollar. Earlier in the day weak PMI and retail sales figures were announced in Switzerland with minimal effect on the market.
The USDJPY followed a silent trading session with the range being only 23 pips. Earlier in the day the pair recorded significant gains from bin Laden’s death. A dodgy hourly candle was developed around 09:00 GMT time and following that, a downwards movement has been generated that could continue. The currency pair is currently traded at 81.44.