27 Nov 2013
Session Recap: USD under pressure amid China themes
FXstreet.com (San Francisco) - The USD traded mostly lower on the day amid the 'situation' between China and US over the Japanese/Chinese disputed islands and the previous days Chinese official comment that they will stop accumulation of US Dollars.
Euro, as the weakest hand in the classroom, traded high on the day to break above 1.3560 area and focus on the 1.3600. The 1.3580 will be a key resistance area before and sell interest has been localized there. The "EUR/USD shook out shorts at 1.3560 area," commented Fibstalker.com analyst Giuseppe Basile recently in his Tweeter account. "China bomb on dollar to push Euro higher." Basile commented that above 1.3625 the pair has options to climb to 1.41."
The GBP/USD traded higher on Tuesday with the cable recovering all of Monday losses. The GBP/USD closed at 1.6210 and confirmed consolidation phase above the 1.6120. The USD/JPY declined after three days of gains with the pair testing back the 101.15 key support. Now Dollar to Yen exchange rate is at 101.30.
Main headlines in the American session:
US: Building Permits rose to 1.03M in October
US: S&P/Case-Shiller Home Price Indices up 13.3% in September
No consensus now for more action at December ECB meeting – MNI sources
US: Consumer Confidence deteriorates in November against forecasts
US: Richmond Fed Manufacturing Index rises to 13 in November
US flies B-52 bombers into new Chinese air defense zone over disputed islands
Nasdaq first close above 4,000 since the DotCom crash
Euro, as the weakest hand in the classroom, traded high on the day to break above 1.3560 area and focus on the 1.3600. The 1.3580 will be a key resistance area before and sell interest has been localized there. The "EUR/USD shook out shorts at 1.3560 area," commented Fibstalker.com analyst Giuseppe Basile recently in his Tweeter account. "China bomb on dollar to push Euro higher." Basile commented that above 1.3625 the pair has options to climb to 1.41."
The GBP/USD traded higher on Tuesday with the cable recovering all of Monday losses. The GBP/USD closed at 1.6210 and confirmed consolidation phase above the 1.6120. The USD/JPY declined after three days of gains with the pair testing back the 101.15 key support. Now Dollar to Yen exchange rate is at 101.30.
Main headlines in the American session:
US: Building Permits rose to 1.03M in October
US: S&P/Case-Shiller Home Price Indices up 13.3% in September
No consensus now for more action at December ECB meeting – MNI sources
US: Consumer Confidence deteriorates in November against forecasts
US: Richmond Fed Manufacturing Index rises to 13 in November
US flies B-52 bombers into new Chinese air defense zone over disputed islands
Nasdaq first close above 4,000 since the DotCom crash