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14 Nov 2013
Session Recap: USD recovers ground
FXstreet.com (Córdoba) - The USD managed to recover after dipping Wednesday following dovish comments from Fed's Yellen before the Congress.
The dollar took a hit and fell across the board after Janet Yellen said the US economy still needs Fed's stimulus but losses were short-lived. The EUR/USD failed to break above 1.3500 and dropped to near 1.3430 weighed by Eurozone GDP figures. Meanwhile, GBP/USD slumped in the wake of disappointing UK retail sales and briefly dipped below 1.6000.
The USD/JPY hit a fresh 2-month high of 100.03 helped by Japan's finance minister saying currency intervention was still a policy option, while AUD/USD was rejected by the 0.9385 zone and fell all the way down to 0.9280.
During the New York session, watch for Janet Yellen testimony before the Senate Banking Committee, and a batch of US data including jobless claims and trade balance.
Main Headlines in Europe:
France 3Q Gross Domestic Product (QoQ) decreases to -0.1% vs 0.5%
Germany: Preliminary Annual GDP grows 0.6% in Q3
Euro down after Germany falters and France falls
Switzerland: Producer and Import Prices drop 0.4% in October
ECB Monthly Report: Interest rates to stay at low levels for an extended period of time
UK: Annual Retail Sales rise less than expected in October
EMU: GDP falls 0.4% in Q3
Flash: What lies ahead of the EUR/USD? – Commerzbank and UBS
Markets buoyed by the prospect of continuing Fed dovishness
The dollar took a hit and fell across the board after Janet Yellen said the US economy still needs Fed's stimulus but losses were short-lived. The EUR/USD failed to break above 1.3500 and dropped to near 1.3430 weighed by Eurozone GDP figures. Meanwhile, GBP/USD slumped in the wake of disappointing UK retail sales and briefly dipped below 1.6000.
The USD/JPY hit a fresh 2-month high of 100.03 helped by Japan's finance minister saying currency intervention was still a policy option, while AUD/USD was rejected by the 0.9385 zone and fell all the way down to 0.9280.
During the New York session, watch for Janet Yellen testimony before the Senate Banking Committee, and a batch of US data including jobless claims and trade balance.
Main Headlines in Europe:
France 3Q Gross Domestic Product (QoQ) decreases to -0.1% vs 0.5%
Germany: Preliminary Annual GDP grows 0.6% in Q3
Euro down after Germany falters and France falls
Switzerland: Producer and Import Prices drop 0.4% in October
ECB Monthly Report: Interest rates to stay at low levels for an extended period of time
UK: Annual Retail Sales rise less than expected in October
EMU: GDP falls 0.4% in Q3
Flash: What lies ahead of the EUR/USD? – Commerzbank and UBS
Markets buoyed by the prospect of continuing Fed dovishness