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. Forex Education

    Four Currencies Under the Spotlight in 2016

    With currencies having become the “tail that wags the dog,” in terms of their impact on the global economy, these four currencies will be under the spotlight in 2016.
  2. Forex Fundamentals

    These Currencies Are The Biggest Losers Of The Stock Downturn

    Here’s a list of the hardest-hit currencies amid the global stock market mayhem.
  3. Forex Strategies

    Will the Euro Continue to Rally? (EUO)

    The euro is rallying. Should investors chase this performance or is the real opportunity on the other side of the trade?
  4. 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​
  5. 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.
  6. 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.
  7. 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 ...
  8. Forex

    Top U.S Forex News Sites

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

    Financial News Comparison: Bloomberg Vs. Reuters (BAC, GOOG)

    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.
  10. 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.
COMPANIES IN THIS ARTICLE
Trading Center