FXStreet (San Francisco) - The US Dollar posted advances against its major competitors on Wednesday despite a weaker than expected US retail sales data that pushed the Greenback under pressure. However, USD losses were short-lived and overall it performed gains.

The EUR/USD declined for third day. Currently, the pair is trading at 1.3363, down 0.04% on the day, having posted a daily high at 1.3416 and low at 1.3342. "Technically, the strong intraday advance has barely affected the wider picture, as price stalled below 1.3430/40 area, level that capped the upside for almost 3 weeks already," comments Valeria Bednarik from FXStreet.

The GBP was another story as the sterling traded under pressure following divish Carney comments on the inflation report. BoE's governor cooled possibilities for a rate hike in 2014. Market are now speculating for a hike in February 2015.

The GBP/USD broke below the 1.6700 key level and now it's closing at 1.6689, down 0.73% on the day, having posted a daily high at 1.6846 and low at 1.6685.

"The BOE's dovish inflation report was the major story of the day for the pound which slipped as low as 1.6686, the 38.2% retracement of the 1.5855/1.7190 which unfolded from November 2013 to July of 2014," pointed out Jamie Coleman from FXBeat.

Related Articles
  1. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  2. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  3. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  4. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  5. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  6. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  7. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  8. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  9. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  10. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.

You May Also Like

Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!