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The dollar firmed up against the European majors, as it lost ground to the yen and dollar bloc. Upwardly revised Q4 GDP, and lower jobless claims gave the greenback a modest boost early in the session, though as Wall Street took another hit, USD-JPY eased into the 102 level again. Read more
The USD traded firmer against the EUR and JPY, but lower against GBP, which rallied across-the-board following a much stronger than anticipated retail sales report out of the U.K. The NZD also rallied against the greenback following hawkish RBNZ-speak. Read more
USD-JPY was the main mover in an otherwise fairly featureless session in pre-London trade in Asia. The pair extended lower, triggering stops through 101.90-102.00 to log an eight-day low of 101.72 before rebounding to 102.20-plus levels. Market commentaries we have seen report that a rally in Japanese stocks inspired the yen's decline. Read more
The dollar was choppy in range bound action in N.Y. on Wednesday, though the greenback was mostly lower overall. EUR-USD traded sides of the 1.3800 mark through the day, managing a 1.3777 to 1.3809 trading band. USD-JPY was rock steady near 102.35 until early afternoon, when the combination of softening equities and lower Treasury yields in the aftermath of a solid five-year auction weighed. Read more
Over the last 12-18 months, it has become obvious that China is seeking to change the content of its economic growth, shifting from a model dependent on exports to one more focused on domestic demand. At the same time, the economy is also growing at a slower rate, largely because it has changed from a third world rapid growth model to a more fully developed economy. Read more
Most of the main USD pairings remained well within their respective Tuesday ranges. The AUD and GBP were exceptions, with Cable managing to eke out a high for the week at 1.6557 following upbeat remarks from BoE MPC member Weale, while AUD-USD rallied quite strongly to a fresh four-month peak of 0.9235. Read more
The AUD rose to a new trend high of 0.9201 against the USD, which was the first time above the 0.92 level since last November. This is now the fourth day the Aussie has breached above its previous day's high. Today's trigger was a speech by RBA Governor Stevens, whose refrain from talking down the currency was taken by market participants as a tacit sign of a more accepting attitude to what the RBA previously described as a historically weak currency. Read more
The dollar showed signs of firming in morning N.Y. trade on Tuesday, though USD longs ultimately threw in the towel. EUR-USD touched support at 1.3750 at the London close, though quickly ramped up over 1.3825 on a wave of intra day short covering. USD-JPY, which had struggled over 102.50, tested the level again, and failed, sending the pairing back into 102.20.The dollar bloc rallied on better risk taking levels, as stocks and commodities rebounded some, perhaps on hopes of fresh China stimulus. Read more
The euro corrected some of the sharp gains it saw during the New York PM session yesterday. The market reacted to remarks from ECB's Weidmann, who argued that negative interest rates could be a more effective tool in countering a strong euro than other measures. Read more
The euro has consolidated Monday's sharp gain that was seen after the London close. We have heard that the move may have been sparked by a position exit from a long gold, short euro trade following the fairly steep drop in gold prices over the last 10 days, which was possibly put on as a hedge against geopolitical tensions worsening as the situation with the Ukraine worsened. Read more
