Daily Forex News & Updates
Dollar Range bound After Dovish Fed
and Weak Data and Other Top Forex News.
Sep 24, 2013 07:03:10 GMT
The dollar traded within tight
ranges against most major currencies on Tuesday after the release of
disappointing U.S. consumer confidence data and uncertainty over U.S. monetary
policy continued to weigh on investors minds.
Official data Data showed that the Conference
Board’s index of U.S. consumer confidence fell to 79.7
for September, down from 81.8 in August. Analysts had forecast a decline to
79.9. In other news, U.S. house prices rose at a lessfeverish pace in July signalling the impact of higher mortgage
interest rates on demand.
The data comes as concerns over the
outlook for the U.S. recovery mounted after New York Federal Reserve President
William Dudley defended the central bank’s decision to keep its stimulus
program unchanged last week.
Dudley said on Monday that
adjustments to the Fed’s $85 billion-a-month asset purchase program “need to be
anchored in an assessment of how the economy is actually performing”.
The Fed surprised markets last week
when it held off tapering back the amount of bonds it purchases as part of its
monetary stimulus program. Saying it wanted to see more evidence of a sustained
economic recovery before adjusting the scale of its bond buying program.
During the U.S. session, the dollar
fell against the yen, with USD/JPY closing down 0.24% to 98.61.
In Europe the euro weakened against
the dollar after a report showed that German business confidence improved less than expected
in September.
The closely followed German Ifo
business climate index ticked up to 107.7 from 107.6 in August, the highest
level since March 2012 but still below expectations for a reading of 108.2.
EUR/USD closed the U.S. session down
0.09% to 1.3482.
In the U.K., the pound trimmed some
of its losses against the dollar during the session as the greenback lost
momentum following the release of weak consumer confidence data.
GBP/USD ended the day down 0.20% to
1.6012.
Heading down under, the dollar
strengthened against both the Australian and New Zealand dollars after declines
in global equities markets curbed investor demand for riskier assets.
AUD/USD down 0.35% to 0.9398, with
NZD/USD dropping 1.10% to 0.8282.
Dollar
Rangebound After Dovish Fed and Weak Data and Other Top Forex News. -
See more at:
http://www.forexnews.com/blog/2013/09/24/dollar-rangebound-dovish-fed-weak-data-top-forex-news/#sthash.4iAe1Dtv.dpuf
Dollar Rangebound After Dovish Fed and Weak Data and Other Top Forex News.
The
dollar traded within tight ranges against most major currencies on
Tuesday after the release of disappointing U.S. consumer confidence data
and uncertainty over U.S. monetary policy continued to weigh on
investors minds.
Official data Data showed that the Conference Board’s index of U.S. consumer confidence fell to 79.7 for September, down from 81.8 in August. Analysts had forecast a decline to 79.9. In other news, U.S. house prices rose at a less feverish pace in July signalling the impact of higher mortgage interest rates on demand.
The data comes as concerns over the outlook for the U.S.
recovery mounted after New York Federal Reserve President William Dudley
defended the central bank’s decision to keep its stimulus program
unchanged last week.
Dudley said on Monday that adjustments to the Fed’s $85
billion-a-month asset purchase program “need to be anchored in an
assessment of how the economy is actually performing”.
The Fed surprised markets last week when it held off
tapering back the amount of bonds it purchases as part of its monetary
stimulus program. Saying it wanted to see more evidence of a sustained
economic recovery before adjusting the scale of its bond buying program.
During the U.S. session, the dollar fell against the yen, with USD/JPY closing down 0.24% to 98.61.
In Europe the euro weakened against the dollar after a report showed that German business confidence improved less than expected in September.
The closely followed German Ifo business climate index
ticked up to 107.7 from 107.6 in August, the highest level since March
2012 but still below expectations for a reading of 108.2.
EUR/USD closed the U.S. session down 0.09% to 1.3482.
In the U.K., the pound trimmed some of its losses against
the dollar during the session as the greenback lost momentum following
the release of weak consumer confidence data.
GBP/USD ended the day down 0.20% to 1.6012.
Heading down under, the dollar strengthened against both
the Australian and New Zealand dollars after declines in global equities
markets curbed investor demand for riskier assets.
AUD/USD down 0.35% to 0.9398, with NZD/USD dropping 1.10% to 0.8282.
In Canada, the loonie weakened despite strong retail data for July. Official data showed that Canadian retailers boosted sales in July, reversing a drop the previous month, adding to evidence the nation’s economy is starting to recover from the downturn.
USD/CAD climbed 0.10% to 1.0294.
- See more at:
http://www.forexnews.com/blog/2013/09/24/dollar-rangebound-dovish-fed-weak-data-top-forex-news/#sthash.4iAe1Dtv.dpufDollar Rangebound After Dovish Fed and Weak Data and Other Top Forex News.
The
dollar traded within tight ranges against most major currencies on
Tuesday after the release of disappointing U.S. consumer confidence data
and uncertainty over U.S. monetary policy continued to weigh on
investors minds.
Official data Data showed that the Conference Board’s index of U.S. consumer confidence fell to 79.7 for September, down from 81.8 in August. Analysts had forecast a decline to 79.9. In other news, U.S. house prices rose at a less feverish pace in July signalling the impact of higher mortgage interest rates on demand.
The data comes as concerns over the outlook for the U.S.
recovery mounted after New York Federal Reserve President William Dudley
defended the central bank’s decision to keep its stimulus program
unchanged last week.
Dudley said on Monday that adjustments to the Fed’s $85
billion-a-month asset purchase program “need to be anchored in an
assessment of how the economy is actually performing”.
The Fed surprised markets last week when it held off
tapering back the amount of bonds it purchases as part of its monetary
stimulus program. Saying it wanted to see more evidence of a sustained
economic recovery before adjusting the scale of its bond buying program.
During the U.S. session, the dollar fell against the yen, with USD/JPY closing down 0.24% to 98.61.
In Europe the euro weakened against the dollar after a report showed that German business confidence improved less than expected in September.
The closely followed German Ifo business climate index
ticked up to 107.7 from 107.6 in August, the highest level since March
2012 but still below expectations for a reading of 108.2.
EUR/USD closed the U.S. session down 0.09% to 1.3482.
In the U.K., the pound trimmed some of its losses against
the dollar during the session as the greenback lost momentum following
the release of weak consumer confidence data.
GBP/USD ended the day down 0.20% to 1.6012.
Heading down under, the dollar strengthened against both
the Australian and New Zealand dollars after declines in global equities
markets curbed investor demand for riskier assets.
AUD/USD down 0.35% to 0.9398, with NZD/USD dropping 1.10% to 0.8282.
In Canada, the loonie weakened despite strong retail data for July. Official data showed that Canadian retailers boosted sales in July, reversing a drop the previous month, adding to evidence the nation’s economy is starting to recover from the downturn.
USD/CAD climbed 0.10% to 1.0294.
- See more at:
http://www.forexnews.com/blog/2013/09/24/dollar-rangebound-dovish-fed-weak-data-top-forex-news/#sthash.4iAe1Dtv.dpuf
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