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16 Jul 2015
It's a hike! USD rallies; Euro depressed - Forex Top Movers
FXStreet (Cocoa) - The US Dollar extended its advance on Thursday as investors welcomed Janet Yellen words that hinted the Fed will hike rates as soon as this year. Will the Fed hike rates in September? December? Place your bets.
On the other hand, the Euro remains depressed and even after Mario Draghi said the ECB raised the ELA for Greece and affirmed the ECB will support Greece, the Euro didn't showed signs of life. Perhaps investors missed Draghi's celebrated 'whatever it takes'.
In the ECB live coverage broadcasted earlier on Thursday, Bednarik, Elam, Pinkert and myself commented that "the Greece drama has damaged the whole European project and the credibility of the European Union as union. It will never been the same after this."
In this framework, the EUR/USD collapsed to its lowest level since May 27 at 1.0850; the GBP/USD declined to 1.5560 but it held lows and now it's trading above 1.5680; the USD/JPY rallied for the fifth day in the last six; and the USD/CAD were consolidating levels above 1.2950.
Forex Top Movers:
To the upside, top gainers are the USD/CZK, +0.80% to 24.89; AUD/JPY, +0.66% to 91.90; USD/SEK, 0.62% to 8.5538; and USD/CHF, 0.59% to 0.9574. In majors, the USD/CAD is +0.38% to 1.2962; AUD/USD is +0.37% to 0.7404; and the USD/JPY is +0.30% to 124.11.
To the downside, big losers are NZD/USD, -1.20% to 0.6509; NZD/JPY, -0.91% to 80.79; EUR/USD, -0.67% to 1.0874; and EUR/GBP, -0.45% to 0.6966. GBP/USD is -0.20% to 1.5606.
On the other hand, the Euro remains depressed and even after Mario Draghi said the ECB raised the ELA for Greece and affirmed the ECB will support Greece, the Euro didn't showed signs of life. Perhaps investors missed Draghi's celebrated 'whatever it takes'.
In the ECB live coverage broadcasted earlier on Thursday, Bednarik, Elam, Pinkert and myself commented that "the Greece drama has damaged the whole European project and the credibility of the European Union as union. It will never been the same after this."
In this framework, the EUR/USD collapsed to its lowest level since May 27 at 1.0850; the GBP/USD declined to 1.5560 but it held lows and now it's trading above 1.5680; the USD/JPY rallied for the fifth day in the last six; and the USD/CAD were consolidating levels above 1.2950.
Forex Top Movers:
To the upside, top gainers are the USD/CZK, +0.80% to 24.89; AUD/JPY, +0.66% to 91.90; USD/SEK, 0.62% to 8.5538; and USD/CHF, 0.59% to 0.9574. In majors, the USD/CAD is +0.38% to 1.2962; AUD/USD is +0.37% to 0.7404; and the USD/JPY is +0.30% to 124.11.
To the downside, big losers are NZD/USD, -1.20% to 0.6509; NZD/JPY, -0.91% to 80.79; EUR/USD, -0.67% to 1.0874; and EUR/GBP, -0.45% to 0.6966. GBP/USD is -0.20% to 1.5606.