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Tuesday, 8 October 2013
Latest forex news
Latest Forex News
7:30pm UK Time
EUR/USD slips as faint hopes for budget impasse end emerge
The euro inched lower against the dollar in mid-session U.S. trading on
Tuesday as hopes began to sprout that lawmakers will end a budget
impasse that closed the government and threatened to derail efforts to
lift the country's debt ceiling and avoid default.
In U.S. trading on Tuesday, EUR/USD was down 0.01% at 1.3580, up from a session low of 1.3558 and off from a high of 1.3607.
The pair was likely to find support at 1.3543, Monday's low, and resistance at 1.3607, the earlier high.
The pound held steady against the U.S. dollar on Tuesday, as investors
remained cautious amid ongoing concerns over U.S. budget negotiations
and the prospect of a potential sovereign default.
hit 1.6121 during U.S. morning trade, the pair's highest since October
4; the pair subsequently consolidated at 1.6105, edging up 0.05%.
Dollar struggles as U.S. default fears weigh
The dollar pulled back from session highs against the yen on Tuesday
after the International Monetary Fund’s chief economist waned that a
failure to promptly raise the U.S. debt ceiling could have a serious
impact on the global economy.
During U.S. morning trade, the dollar trimmed gains against the yen, with USD/JPY up 0.27% to 96.96, after rising as high as 97.25 earlier.
Chief Economist Olivier Blanchard said Tuesday that a prolonged failure
to raise the U.S. debt ceiling would "almost certainly derail the
recovery", and warned the U.S. to slow the pace of its deficit reduction
Euro hits session highs versus dollar
The euro rose to session highs against the dollar on Tuesday after the
International Monetary Fund raised its 2013 growth forecast for the euro
zone, while investors continued to fret over the political deadlock in
EUR/USD hit 1.3601 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.3591, gaining 0.09%.
pair was likely to find support at 1.3537, the low of October 4 and
resistance at 1.3631, the high of October 4 and an almost eight-month
The U.S. dollar was slightly higher against the Canadian dollar in early
trade on Tuesday, but the pair looked likely to remain locked in recent
ranges as concerns over political deadlock in Washington continued.
USD/CAD hit 1.0334 during early U.S. trade, the session high; the pair subsequently consolidated at 1.0322, easing up 0.11%.
The pair was likely to find support at 1.0290, Monday’s low and resistance at 1.0355, the high of October 2.