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Forex pairs in this Article » EUR/USD, GBP/USD, USD/JPY (San Francisco) - It was another summer day not only in the Forex market but also in the stocks and futures arena. The US dollar index reversed its Friday's gains but overall, the USD performed sideways against its major competitors, except the Aussie.

Valeria Bednarik,'s chief analyst, called this day as a "dull Monday," as she said it may be exaggerated, "but that’s what forex board offered this first day of the week." In fact, the action was reduced to a 15 minutes movement following the Bundesbank comments on forwards guidance.

The Bundesbank said the so-called forward guidance, which the ECB outlined in July, was not an 'unconditional commitment'. Germany's central bank noted that rates could rise if inflation pressures emerge. Regarding the document, Kathleen Brooks from highlighted that "the Bundesbank might be starting to worry about the ECB’s forward guidance programme, which could have implications for the EUR."

Nothing more. A typical summer day with low volume and the same last week's concerns on Fed tapering plans, weak corporate earnings in the US and Obama speaking about new bubbles. In this field, the US stocks market started the week in a dark mood with Wall Street performing its first 4-day negative streak in the year.

On Forex, the EUR/USD firstly attempted to peak at 1.3375, however the pair was unable to hold highes and the pair returned progressively to trade in a small range between 1.3330 and 1.3340. The GBP/USD reached a marginal two month highs at 1.5675 with the cable consolidating levels around 1.5650.

The USD/JPY made a round-trip to 98.00 and then it closed at 98.55, flat on the day. No news in the USD/CAD with the pair declining to 1.0320 and returning to opening levels at 1.0345.

The big mover was the AUD/USD with the pair climbing to 0.9230, August highs, but being rejected at this price and collapsing to 0.9100. The Gold declined 0.38% on the day with the yellow metal moving around 1,365.80/oz.

Major headlines in the American session:

Bundesbank says ECB forward guidance not an unconditional commitment

Does new bubble risk undermining US economic recovery?

Schaeuble: Europe must evolve to remain a global player

Dijsselbloem says Netherlands will miss European deficit limit in 2014

Wall Street opens the week with negative note
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