24 Jul 2013
Session Recap: US Dollar declines further on a quiet session
FXstreet.com (San Francisco) - After an early attempt to trade higher, the Greenback was mostly negative against its major competitors on Tuesday. The USD index declined for third day in row and now it's pricing at the 82.07 level, 0.31% down on the day.
Early in the European session, the EUR/USD traded lower as some dollar momentum pushed the pair at 1.3160, however, the pair rallied at mid-session as the US House Speaker Boehner said it would be necessary to make additional cuts before raising the debt ceiling.
Technically, Adam Button from Forexlive.com explained the movement in a recent report. "After a soft day on Monday, most traders were looking for a dollar rebound today and that was the case in early trading but compared to the declines yesterday, the gains were small. The inability to stage a decent bounce led many traders to give up on dollar longs but it was a slow process."
The EUR/USD closed above the 1.3200 area and the pair reached fresh 1-month high at 1.3240. The GBP/USD performed its seventh straight positive day with the pair knocking the 1.5400 doors. The USD/JPY extended decline below 99.50 but the movement was contained in the previous range.
The USD/CAD dropped below 1.0300 area with the pair reaching lowest since June 20 at 1.0275. The AUD/USD is just testing July's highs at 0.9300 and the gold extended gains to $1,343/oz after yesterday's rally.
Main headlines in the American session:
Canada: Retail Sales rose 1.9% MoM in May
US: Redbook Index rose 0.9% MoM
US: Housing Price Index rises 0.7% in May
Gold knocking on the channel top – technical analysis
EMU: Consumer Confidence improves to -17.4 in July
US: Richmond Fed Manufacturing Index plunges to -11 in July
US House Speaker Boehner refuses to support debt limit increase without spending cuts
Wall Street closes down after reaching all-time highs
Early in the European session, the EUR/USD traded lower as some dollar momentum pushed the pair at 1.3160, however, the pair rallied at mid-session as the US House Speaker Boehner said it would be necessary to make additional cuts before raising the debt ceiling.
Technically, Adam Button from Forexlive.com explained the movement in a recent report. "After a soft day on Monday, most traders were looking for a dollar rebound today and that was the case in early trading but compared to the declines yesterday, the gains were small. The inability to stage a decent bounce led many traders to give up on dollar longs but it was a slow process."
The EUR/USD closed above the 1.3200 area and the pair reached fresh 1-month high at 1.3240. The GBP/USD performed its seventh straight positive day with the pair knocking the 1.5400 doors. The USD/JPY extended decline below 99.50 but the movement was contained in the previous range.
The USD/CAD dropped below 1.0300 area with the pair reaching lowest since June 20 at 1.0275. The AUD/USD is just testing July's highs at 0.9300 and the gold extended gains to $1,343/oz after yesterday's rally.
Main headlines in the American session:
Canada: Retail Sales rose 1.9% MoM in May
US: Redbook Index rose 0.9% MoM
US: Housing Price Index rises 0.7% in May
Gold knocking on the channel top – technical analysis
EMU: Consumer Confidence improves to -17.4 in July
US: Richmond Fed Manufacturing Index plunges to -11 in July
US House Speaker Boehner refuses to support debt limit increase without spending cuts
Wall Street closes down after reaching all-time highs