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30 May 2014
Session recap: Some movements but overall unchanged; EUR/USD consolidates at lows
FXStreet (San Francisco) - The currency market digested well the weaker than expected US GDP as the Dollar didn't get too much damage; overall, investors are reluctant to take positions ahead of end-month tomorrow and ECB next week.
US yields focused market attention as the 10Y bond declined to nearly 2.41% in the morning; however it turned around and closed 1 point positive around 2.45%. Dale Pinkert and Jamie Coleman talked in their Marketplace daily report that the next stop should be 2.32%, the 50% retracement of the rise from 1.61% to 3.04% after the taper was announced.
On currencies, the EUR/USD attempted to advance from lows but the pair advanced 12 pips on the day to barely recover the 1.3600 area. EUR/USD remains below the 200-day MA level of 1.3615. The GBP/USD traded in consolidation mode as the pair posted a daily high at 1.6743 and low at 1.6693. Now cable is 0.05% up in the day at 1.6717.
The USD/JPY declined for second day as the pair fell to 101.40; however the pair managed to hit and it recovered to close slightly negative at 101.77.
Main headlines in the American session
US: GDP contracted 1.0% YoY in Q1
US initial jobless claims w/w 300 k vs 318k exp
Oil extends recovery above 103.50
Wall Street resumes rally; NASDAQ over 3% up in May
US yields focused market attention as the 10Y bond declined to nearly 2.41% in the morning; however it turned around and closed 1 point positive around 2.45%. Dale Pinkert and Jamie Coleman talked in their Marketplace daily report that the next stop should be 2.32%, the 50% retracement of the rise from 1.61% to 3.04% after the taper was announced.
On currencies, the EUR/USD attempted to advance from lows but the pair advanced 12 pips on the day to barely recover the 1.3600 area. EUR/USD remains below the 200-day MA level of 1.3615. The GBP/USD traded in consolidation mode as the pair posted a daily high at 1.6743 and low at 1.6693. Now cable is 0.05% up in the day at 1.6717.
The USD/JPY declined for second day as the pair fell to 101.40; however the pair managed to hit and it recovered to close slightly negative at 101.77.
Main headlines in the American session
US: GDP contracted 1.0% YoY in Q1
US initial jobless claims w/w 300 k vs 318k exp
Oil extends recovery above 103.50
Wall Street resumes rally; NASDAQ over 3% up in May