Session recap: EUR bottoming out?

By | Updated June 09, 2014 AAA

FXStreet (Guatemala) - The session was a quiet event in terms of price action except the EUR gave traders some business to deal with from leftovers from Europe.

EUR/USD dumped earlier in the US session while the market overnight was testing its 200 DMA yet failed again to sustain gains. Charts then took on a bearish tone and the pair dropped below its hourly moving averages. Price now remains below the 1.3600 into the Asian handover.

The USD/JPY has been a stable and quiet play on 102.50 and moving within a very small range. The price has been clinging to its 100 SMA while there were dip[s on 102.40 area attracting bids.

GBP/USD is moving around the 1.68 handle still having been building up through the US session after a similar fate as the EUR. BoE’s McCafferty was somewhat hawkish when speaking on the UK economy but traders didn’t create much in the way of demand for Sterling on the back of his comments.

Key events:

Canadian housing starts rose well ahead of 185k expectations

Fed's Bullard said Fed much closer to macroeconomic goals

BOE's McCafferty said the bank has time before raising rates

Fed's Rosengren: Fed should wait a year to hike rates

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