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20 May 2014
Session Recap: Moves lack follow-through, AUD under pressure
FXStreet (Córdoba) - FX moves have been rather limited in the European morning session, with the USD a tad higher across the board and the Aussie among the worst performers.
Without much of a catalyst to trigger strong moves one way or another, majors continue to consolidate within familiar ranges. The EUR/USD fell to a low of 1.3676 but quickly bounced as the move lacked follow-through. The GBP/USD rose to a weekly high of 1.6863 in anticipation to UK CPI figures, but failed to hold gains and pulled back after CPI came in pretty much in line with expectations (1.8% YoY vs 1.7% f/c).
The AUD/USD extended losses to a fresh 2-week low of 0.9256 after a combination of events put it on the defensive. Elsewhere the USD/JPY and the USD/CHF remained little changed while European equity markets are a little lower as cautious tone prevails.
There is no major data on the calendar for the rest of the day so focus will likely to be more on Fed speakers ahead of tomorrow's FOMC Minutes.
Main Headlines in Europe:
Germany Producer Price Index (YoY) below forecasts (-0.8%) in April: Actual (-0.9%)
Bernanke behind the recent US curve steepening? - Danske Bank
European stocks mixed at the open
Asia EM Express: China and Russia expected to sign crucial gas deal; martial law declared in Thailand
UK: Annual CPI accelerates to 1.8% in April
What’s the sentiment around the EUR/USD today? – Commerzbank and RBS
Without much of a catalyst to trigger strong moves one way or another, majors continue to consolidate within familiar ranges. The EUR/USD fell to a low of 1.3676 but quickly bounced as the move lacked follow-through. The GBP/USD rose to a weekly high of 1.6863 in anticipation to UK CPI figures, but failed to hold gains and pulled back after CPI came in pretty much in line with expectations (1.8% YoY vs 1.7% f/c).
The AUD/USD extended losses to a fresh 2-week low of 0.9256 after a combination of events put it on the defensive. Elsewhere the USD/JPY and the USD/CHF remained little changed while European equity markets are a little lower as cautious tone prevails.
There is no major data on the calendar for the rest of the day so focus will likely to be more on Fed speakers ahead of tomorrow's FOMC Minutes.
Main Headlines in Europe:
Germany Producer Price Index (YoY) below forecasts (-0.8%) in April: Actual (-0.9%)
Bernanke behind the recent US curve steepening? - Danske Bank
European stocks mixed at the open
Asia EM Express: China and Russia expected to sign crucial gas deal; martial law declared in Thailand
UK: Annual CPI accelerates to 1.8% in April
What’s the sentiment around the EUR/USD today? – Commerzbank and RBS