Session Recap: Risk off shuns the dollar as oil soars

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - Risk off markets were in force while the Iraqi insurgency came back into the picture with Oil rocketing to 106/barrel and years high. The US data disappointed with retail sales and unemployment claims coming in below expectations.

EUR/USD managed to take something away from a greenback that was hit across the board. The pair moved to test a two-day high.

GBP/USD had been licking its wounds on the 1.68 handle but managed to scale back some losses ahead of Carney speaking up to 1.6860 which took the spotlight as Wall Street came to a close and took sterling rocketed up to eye 1.6900.

USD/JPY has been sulking below the 102 handle and extending losses post the break yesterday which was less convicting than today at least. The dollar has been in the cross fire of the Iraq tensions as Oil shot up to record highs at 106/ bbl.

Key Events:

US May retail sales came in at 0.3%, missing forecast of a 0.6% rise

US weekly jobless claims rose to 317,000 from 310,000

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