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14 Feb 2014
Session Recap: Depressive USD; unbeatable Sterling
FXStreet (San Francisco) - The Sterling rallied for seventh day in a row amid optimistic expectations in UK and the notion the BoE would be the first central bank that will close the accommodative cycle. GBP/USD reached 1.6755 as highest since November 2009.
On the other hand, USD remains under pressure as market is assuming the Fed won't accelerate the tapering process in the short term. The US dollar lost ground against its major rivals including the Abenomic Yen.
The EUR/USD advanced for second day and tested above 1.3700 level. However the pair was unable to hold prices and it closed at 1.3690. However, the "dollar seems condemned to lose ground as EUR bulls are more determinate now," as the FXStreet forecast poll concluded following the latest poll update.
The yen extended losses for third day against the dollar and after losing 115 from 102.70 (February 11 high) the pair tested 101.60 today's low. The USD/JPY closed the week at 101.80.
Main headlines in the American session
Canada: Manufacturing Shipments (Dec) fell 0.9%
Canadian January existing home sales -3.3% vs -1.8% prior
US: Import Price Index (Jan) rose 0.1% MoM
US: Industrial Production slides 0.3% in January
US: Reuters/Michigan Consumer Sentiment Index unchanged in February
Gold rally continues on US growth concerns
Wall Street extends the come-back and closes 2nd winning week
On the other hand, USD remains under pressure as market is assuming the Fed won't accelerate the tapering process in the short term. The US dollar lost ground against its major rivals including the Abenomic Yen.
The EUR/USD advanced for second day and tested above 1.3700 level. However the pair was unable to hold prices and it closed at 1.3690. However, the "dollar seems condemned to lose ground as EUR bulls are more determinate now," as the FXStreet forecast poll concluded following the latest poll update.
The yen extended losses for third day against the dollar and after losing 115 from 102.70 (February 11 high) the pair tested 101.60 today's low. The USD/JPY closed the week at 101.80.
Main headlines in the American session
Canada: Manufacturing Shipments (Dec) fell 0.9%
Canadian January existing home sales -3.3% vs -1.8% prior
US: Import Price Index (Jan) rose 0.1% MoM
US: Industrial Production slides 0.3% in January
US: Reuters/Michigan Consumer Sentiment Index unchanged in February
Gold rally continues on US growth concerns
Wall Street extends the come-back and closes 2nd winning week