The single currency against the US Dollar made gains today reaching a fresh 17 month high at 1.4927 ,following the concerns in the US of a weak monetary policy remaining as it currently is. During the European Session Retail Sales figures were announced that were significantly lower than what the market expected. Nevertheless the Euro did not appear to be affected by these low figures as more important market aspects have made the Retail Sales to become discounted. Over the previous 4 sessions the EURUSD pair has been trading in an hourly range with highs at around 1.4885 and lows at 1.4765 and the announcement of weak Employment Change in the States helped the Euro break out of this range and record a new high.
The Euro continued to rise against the sterling today reaching to a fresh 13 month high. Following the announcement of weak Mortgage approvals and especially Money Supply orders for the month of March in the UK the EURGBP pair recorded a session high of 0.9028 while at the current level the pair is less than a 100 pips away from parity. Weak news appear to be dominating the British markets over the last couple of days.
The Sterling despite all the weak data and negative economic indicators it has been generating managed to make gains over the American Greenback. The Session started at 1.6475 with the US Dollar making gains after the UK weak Mortgage approvals and Money Supply orders announcements. The Sterling however recovered and soon and continued to rise over the Dollar. The announcement of weak Employment data for the US have helped the Sterling rise against the Dollar and currently is trading at session highs.
The final major news announcement of the European Session sunk the American Dollar against the Swiss Franc as well. The USDCHF has been trading at a continuous down-trend and with the announcement of the weak employment change in the USA brought the greenback to fresh all time low against the Franc, this time at 0.8586 . It therefore appears that the next days will be very crucial for the Dollar with the Non-Farm Payrolls on Friday to determine significantly the Dollar prices.
The Dollar capped its gains over the Yen within the last hour of the session. The Dollar was making gains throughout the session reaching as high as 81.18 but the weak Employment Change Data in the US signaled a negative outlook for the US, interpreting it as a sign that the Non-Farm Payrolls will be really bad. The USDYEN is currently traded at 80.93.