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11 Mar 2015
Session Recap: USD extends gains, EUR in 12-y lows
FXStreet (Edinburgh) - The USD rally remains intact on Wednesday, with the US Dollar Index trading in levels last seen in September 2003 beyond the 99.00 mark. Market expectations for a sooner than estimated rates hike by the Fed continue to bolster the USD upside, sending EUR/USD to test fresh 12-year lows in the area of 1.0560.
In his speech in Frankfurt today, President Mario Draghi stressed that the current monetary policy is bolstering the ‘green shots’ in the region, adding that the ‘quantitative easing’ programme should support a rebound in inflation expectations; consumer process, in the meantime, could extend their trend lower – even into negative ground – just to revert direction towards year end.
The sterling continues to find decent support around 1.5000 vs. the dollar, practically ignoring January’s less auspicious releases from Industrial and Manufacturing Production, coming in below consensus.
USD/JPY managed to recover the 121.00 handle and beyond after briefly dropping to the 120.80 area overnight, and seems it is consolidating around 121.30/40 after recent fresh peaks just above 122.00 the figure.
Greece continues to be in the headlines today, although the attention suddenly shifted away from debt talks after the Greek government said its ready to seize German assets as compensation for Nazi war crimes.
In his speech in Frankfurt today, President Mario Draghi stressed that the current monetary policy is bolstering the ‘green shots’ in the region, adding that the ‘quantitative easing’ programme should support a rebound in inflation expectations; consumer process, in the meantime, could extend their trend lower – even into negative ground – just to revert direction towards year end.
The sterling continues to find decent support around 1.5000 vs. the dollar, practically ignoring January’s less auspicious releases from Industrial and Manufacturing Production, coming in below consensus.
USD/JPY managed to recover the 121.00 handle and beyond after briefly dropping to the 120.80 area overnight, and seems it is consolidating around 121.30/40 after recent fresh peaks just above 122.00 the figure.
Greece continues to be in the headlines today, although the attention suddenly shifted away from debt talks after the Greek government said its ready to seize German assets as compensation for Nazi war crimes.