Forex Market Review – Aussie edges up; euro steady in Asia

Important: This page is part of archived content and may be outdated.

Euro continued to trade in a range against the dollar as market sentiment remained buoyed in Asia following from the uplifting US data on jobs and manufacturing on Thursday. U.S. workers filing new applications for unemployment benefits fell to the lowest level in three-and-a-half years.

 

The single currency was also lifted because of short-covering and many investors are being cautious ahead of the weekend and will probably avoid entering new positions. EURUSD opened in Asia at 1.3015 and edged up to 1.3043, supported above the key $1.30 level and well above the eleven-month low reached on Wednesday.

 

The slightly improved risk appetite pushed dollar lower and the ICE Dollar Index, which tracks the U.S. dollar against a basket of currencies, was lower at 80.181 from 80.286.

USDJPY was little changed, stuck in a 77.78/92 range.

 

USDCHF inched down slightly after opening at 0.9395 to move down to 0.9376. Dollar has lost 1.8 percent against the Swiss franc since Thursday when the SNB announced it has maintained the EURCHF floor at 1.20.

 

The Australian dollar recovered some of its losses from this week to move just below parity with the U.S. dollar. AUDUSD rose 0.7 percent to 0.9985 from 0.9920.

 

Gold bounced off a two-month low of $1,560.00 and rose to $1,589.46.