Session Recap: Euro suffers across the board

By FXstreet.com | Updated June 10, 2014 AAA

FXStreet (Córdoba) - The US dollar strengthened broadly during the European session following quiet Asian trade, dragging the EUR/USD and the GBP/USD to fresh weekly lows.

The EUR/USD came under pressure as European traders rejoin the market after Whit Monday and as all the dust has settled around European Central Bank (ECB) decision and the US nonfarm payrolls. The euro triggered stops below 1.3580 and stretched to a fresh low of 1.3533 in recent dealings.

The EUR/GBP hit a fresh 18-month low of 0.8063 and the EUR/JPY dropped to a 2-week low of 138.47.

"EUR/USD is trading below $1.3550 as the post-ECB bounce has run its course. With positioning assumed to be more balanced after the gyrations in the second half of last week, there is some pressure to retest the low near $1.3500 first seen in the knee-jerk reaction to the ECB", said the BBH analyst team.

The GBP/USD failed to benefit from strong UK manufacturing and industrial production data and extended losses below 1.6800. The USD/JPY fell to a 4-day low of 102.21 before recovering slightly.

The Aussie is once again one of the top performers against the dollar, having printed a higher high at the 0.9375 area before settling just below.

Up ahead for the New York session, US Apr wholesale inventories and NFIB business optimism.

Main Headlines in Europe:

Switzerland Unemployment Rate s.a (MoM) registered at 3.2% above expectations (3%) in May

What’s the sentiment around the EUR/USD today? – OCBC Bank and Scotiabank

Italy Industrial Output w.d.a (YoY) came in at 1.6%, above expectations (0.6%) in April

United Kingdom Industrial Production (YoY) above expectations (2.8%) in April: Actual (3%)

United Kingdom Manufacturing Production (YoY) above expectations (4%) in April: Actual (4.4%)

Oil market picks up amid lack of other significant economic news

European markets mixed after multi-year highs

Greece Consumer Price Index (YoY) came in at -2%, below expectations (-1.9%) in May

Italy Gross Domestic Product (YoY) in line with expectations (-0.5%) in 1Q

ECB's Liikanen: We are not done yet

Periphery Eurozone debt costs fall, but weak fundamentals remain unchanged

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