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10 Mar 2014
Session Recap: GBP/USD down; no news from EUR/USD and USD/JPY
FXStreet (San Francisco) - Currencies market performed a quiet session on Monday as investors are digesting past week news from central banks decisions and US employment report. No data, no catalysts in the American session leave the USD moving in little ranges and even no changes against the Euro.
The GBP/USD declined hard in the European session from 1.6735 to test March's lows around 1.6620. Jamie Coleman from FXBeat comments "The loss of support from UK-bound M&A flows as well as spillover from last week's ECB decision continue to underpin EUR/GBP short-covering." In America, the cable was sleeping around 1.6640 and it closed at 1.6645.
The USD/JPY opened the day with gains from 103.00 to reach levels around 103.40, however the movement was weak and the pair closed at 103.27.
The EUR/USD moved sideways almost all the day with the American session being even smaller around 1.3875. The Euro doesn't want to fall against the USD and that's all. "Hourly chart shows a slightly bearish tone, with indicators heading lower around their midlines and price below a flat 20 SMA," comments FXStreet chief analyst Valeria Bednarik, "while the 4 hours chart shows indicators still in overbought territory, not yet suggesting a bearish correction ahead."
Main headlines in the American session:
Spanish FinMin says 2013 deficit close to target
IMF chief economist warns of eurozone deflation
White House: Any gas cut off would be costly for Russia
World Bank to provide $3 billion to Ukraine
Stocks closed down after trimming earlier losses
The GBP/USD declined hard in the European session from 1.6735 to test March's lows around 1.6620. Jamie Coleman from FXBeat comments "The loss of support from UK-bound M&A flows as well as spillover from last week's ECB decision continue to underpin EUR/GBP short-covering." In America, the cable was sleeping around 1.6640 and it closed at 1.6645.
The USD/JPY opened the day with gains from 103.00 to reach levels around 103.40, however the movement was weak and the pair closed at 103.27.
The EUR/USD moved sideways almost all the day with the American session being even smaller around 1.3875. The Euro doesn't want to fall against the USD and that's all. "Hourly chart shows a slightly bearish tone, with indicators heading lower around their midlines and price below a flat 20 SMA," comments FXStreet chief analyst Valeria Bednarik, "while the 4 hours chart shows indicators still in overbought territory, not yet suggesting a bearish correction ahead."
Main headlines in the American session:
Spanish FinMin says 2013 deficit close to target
IMF chief economist warns of eurozone deflation
White House: Any gas cut off would be costly for Russia
World Bank to provide $3 billion to Ukraine
Stocks closed down after trimming earlier losses