Forex Market Review – Euro pushes higher

Important: This page is part of archived content and may be outdated.

The euro pushed up higher against the weaker dollar in European trading hours to the highest level in over a month. The single currency was boosted by a strong Italian bond auction and Greek news reports saying private creditors are willing to accept a coupon rate below 4 percent on the new Greek bonds. Also lifting the euro was the German Gfk consumer sentiment index which rose for a fifth straight month.

EURUSD rose to 1.3174 from 1.3094.  Against the yen, euro rose to its highest level since December 22, lifting EURJPY to 102.19 from 101.57.

The dollar extended losses against most counterparts today,  still reeling from the Federal Reserve’s surprise move to commit to a low interest rate policy through late 2014.  The Dollar Index, which gauges the USD against those of six US trading partners, fell for a second day, losing 0.3 percent to 79.28. The focus now shifts to US economic data due in the early New York trading session, on US durable goods orders, unemployment claims and new home sales data.

The dollar weakened against the Swiss franc to its lowest since early December . USDCHF fell to 0.9161 with losses of around 0.5 percent for the day.

Canada’s currency gained 1 percent against the greenback since Tuesday. USDCAD touched 0.9992, the lowest since November 1.

The Australian dollar climbed to as high as $1.0686 against the dollar, its highest since October 31.

Sterling rose to the highest against the dollar since December 22. GBPUSD rose to 1.5717 from 1.5654.Meanwhile, a poor U.K. January retail sales survey showing the lowest sales volume since March 2009, pushed the pound to its weakest level against the euro so far this year. EURGBP rose to 0.8390.