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19 Feb 2014
Session Recap: The Greenback is back; The USD/CAD dances
FXStreet (San Francisco) - It was a volatile day in currency markets as euro and sterling advanced against the USD earlier in the day; however news from Fed's Bullard and the FOMC minutes fueled the Greenback and everything turned back with the USD posting solid gains.
Nevertheless, the USD/CAD was rallying even before taper concerns began and after bouncing hard from 1-month low of 1.0909, the Loonie jumped to recover all the previous 9-day downtrend and it closed at 1.1075.
The EUR/USD declined on the day and after testing highest since January 2 at 1.3775, it declined to the 1.3725 area. Finally, the pair closed at 1.3730 with short term perspective remaining strongly bearish according to the FXStreet trend index.
The GBP/USd declined for third day but this time almost flat on the day after holding above today's lows at 1.6635. The USD/JPY bounced 101.85 to close at 102.35; despite the recovery, the pair posted its first decline in three days.
Main headlines in the American session:
US: Producer Prices (Jan) rose 0.2% MoM
US January housing starts 880k (ughh)
Canadian Dec wholesale trade sales -1.4% m/m vs -0.4% expected
Fed’s Bullard: Improving labor market should guide Fed policy
FOMC Minutes: Hawkish Fed to change guidance as jobless rate falls
Wall Street closes at lows of session amid taper fears
Nevertheless, the USD/CAD was rallying even before taper concerns began and after bouncing hard from 1-month low of 1.0909, the Loonie jumped to recover all the previous 9-day downtrend and it closed at 1.1075.
The EUR/USD declined on the day and after testing highest since January 2 at 1.3775, it declined to the 1.3725 area. Finally, the pair closed at 1.3730 with short term perspective remaining strongly bearish according to the FXStreet trend index.
The GBP/USd declined for third day but this time almost flat on the day after holding above today's lows at 1.6635. The USD/JPY bounced 101.85 to close at 102.35; despite the recovery, the pair posted its first decline in three days.
Main headlines in the American session:
US: Producer Prices (Jan) rose 0.2% MoM
US January housing starts 880k (ughh)
Canadian Dec wholesale trade sales -1.4% m/m vs -0.4% expected
Fed’s Bullard: Improving labor market should guide Fed policy
FOMC Minutes: Hawkish Fed to change guidance as jobless rate falls
Wall Street closes at lows of session amid taper fears