The Dollar finished with gains across the board, falling only to the Yen. Majors are still moving in ranges. Stocks fell worldwide on worries about the economic recovery favoring Greenback and the Yen. Cable continues to weaken and currencies tied to commodities are moving away from multi-month highs.
The ecPulse.com analysis team affirms: “The U.S stocks declined by the end of today’s trading session as the worse than expected fundamentals released from the U.S. economy, whereas US Leading Indicators for October plunged to 0.3%; worse than the forecasted reading of 0.4% and the prior reading of 1.0%.”
EUR/USD fell losing part of yesterday’s gains but managed to recover from 1.4840 and finished above 1.4900. GBP/USD fell for the third day in a row and accumulates a decline of more than 150 pips. Cable rebounded at 1.6605 but found resistance at 1.6670. The Pound also weakened against European currencies and continues to pull back after rising sharply on Monday and Tuesday.
The Yen appreciated across the board. Against the Dollar rose to a fresh one-month high. USD/JPY currently is hovering around 89.00, if the Yen manages to stay below it could gain momentum. GBP/JPY tumbled to 147.30 posting a fresh two-week low.
Currencies tied to commodities also fell against the Dollar, particularly during the European session. AUD, CAD and NZD are currently trading at the lowest level in more than a week against Greenback.
The Forex.com Research Desk comments on the coming session: “Looking ahead to the Asia session, we have New Zealand credit card spending and the Bank of Japan rate decision due up. Both events should elicit little in the way of price action but if global equity marts follow US shares into the depths, look for the US dollar to come back better bid on the follow.”
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