EURUSD consolidated into a range as the dust settled after the EU Summit and euro-euphoria is fizzling out. Gains are capped below yesterday’s seven-week high of 1.4246. With lack of any EZ economic data and the weekend coming up, volume was light though downside interest was forming by the end of the European session due to an unsuccessful Italian bond auction with yields rising up to pre-summit levels of 6 percent. EURUSD drifted to a low of 1.4133 from the European open of 1.4184.
GBPUSD maintains its gains from yesterday, remaining close to the seven-week high and supported above 1.6070. Highs of 1.6122 were hit. EURGBP fell to 0.8779 from a session high of 0.8819 after hitting resistance and profit-taking ensued.
EURCHF rose after a flat Asian session, opening Europe at 1.2215 and peaking at 1.2244 mainly due to Swiss franc weakening after a disappointing Swiss economic data. The Swiss KOF economic indicator fell for a sixth straight month, due to the strong franc affecting Swiss exports. The franc also declined against the dollar, with USDCHF rising 0.5 percent to a high of 0.8645 from the open of 0.8604.
USDJPY had risen in Asia to move off the record low but in Europe, there was renewed selling, bringing the pair fell 0.4 percent down to 75.72 from the day high of 75.99 as the probability of a BOJ intervention remains slim today. EURJPY fell to 107.10 from 107.64.
USDCAD consolidated into a range today after falling 2.5 percent in the past two days on risk appetite boosting the commodity-linked loonie. A further drop in dollar/cad was halted as crude oil prices declined today. Crude is Canada’s major export. USDCAD remained supported above 0.9891 and rose as high as 0.9955.
AUDUSD soared to a two-month high of 1.0752 yesterday putting the aussie on course for its biggest monthly gain since May 2009. Profit-taking brought the pair down to 1.0654 in European trading today.
By clicking “Continue”, you agree to the default cookie settings on our website.
Trading Point uses cookies to ensure that we provide you with the best experience while visiting our website. Some of the cookies are needed to provide essential features, such as login sessions, and cannot be disabled. Other cookies help us improve our website’s performance and your experience through personalising content, providing social media features and analysing our traffic. Such cookies may also include third-party cookies, which might track your use of our website. You may change your cookie settings at any time.
Read more, or change your cookie settings.
