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
Investing NewsChina’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
ForexAmid 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.
Forex FundamentalsAs 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.
EconomicsOne 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 ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess 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.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.