Currency Analyst since 2010

Sep. 12: Asian session

The greenback remained lower versus most of its major counterparts as traders speculated whether the US economy is strong enough for the Fed to consider a reduction in stimulus when they meet next week.

EUR/USD is consolidating above the $1.3300 mark. As for the data releases, today we have the ECB monthly bulletin (8:00 GMT) and industrial production (9:00 GMT). The ECB president Mario Draghi will speak in Latvia around 11:40 GMT – market will pay special attention to his comments. GBP/USD is consolidating around the yesterday’s high of $1.5830 (highest level since February 2013).  Great Britain will start the regular discussion on inflation at 9:00 GMT.

USD/JPY closed below the 100.00 handle yesterday after testing 100.60, the highest level since July 22. Today US dollar slid to 99.50. Asian shares halted a 10-day advance and Japan’s machinery orders stagnated. USD/CHF slid yesterday by about 40 pips to 0.9300 and is now trading little changed in this area.

AUD/USD slid from today’s high around $0.9350 to $0.9250. Aussie dropped after data showed the nation’s employers unexpectedly cut payrolls by 10.8K, while economists expected 0.2K. The nation’s unemployment rate rose to 5.8%. NZD/USD is trading on the upside for the fifth day in a row and has reached to $0.8150 today. New Zealand’s dollar climbed as the Reserve Bank of New Zealand signaled it may raise interest rates earlier than previously expected. USD/CAD has renewed a monthly low at 1.0305.

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