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8 Jan 2015
Session Recap: The Dollar resumes its advance
FXStreet (San Francisco) - The Dollar is trading firm in 2015 and a sign is that the DXY remains at maximum of nine years around 92.00. The Greenback rose in the first half of the session, but it recoiled after lunch before resuming its uptrend after the FOMC.
The FOMC minutes showed a mild dovish tone with officers expressing concerns overs wages and global slowdown. The minutes said that a hike rate would be highly improbable before April.
The Greenback posted gains versus almost all of its major competitors. USD posted 0.44% advance against the Euro; +0.28% versus the Pound and 0.63% vs the Japanese Yen.
According to FXStreet chief analyst, the dollar "has gone too far too fast on bets the FED will be rising its benchmark as soon as this 2015, and risk of a downside corrective movement has become high."
The EUR/USD fell as low as 1.1800, the lowest level since December 2005. The pair recovered some ground before closing at 1.1835. Bednarik points the 1.1945 as the intraday resistance in case of further recoveries.
Top winners were: USD/CZK, +1.25 to 23.537; NZD/JPY, +0.87% to 92.64; USD/SEK, +0.79% to 7.9771; Top losers were USD/RUB. -1.14% to 62.433; EUR/NOK, -1.06% to 9.1135; and USD/NOK, -0.59% to 7.6982.
Key news
ADP says US private sector employment increased by 241k
US trade balance narrows in November
Canada Ivey Purchasing Managers Index fell from previous 49.2 to 46.7 in December
Wall Street closes near daily highs
The FOMC minutes showed a mild dovish tone with officers expressing concerns overs wages and global slowdown. The minutes said that a hike rate would be highly improbable before April.
The Greenback posted gains versus almost all of its major competitors. USD posted 0.44% advance against the Euro; +0.28% versus the Pound and 0.63% vs the Japanese Yen.
According to FXStreet chief analyst, the dollar "has gone too far too fast on bets the FED will be rising its benchmark as soon as this 2015, and risk of a downside corrective movement has become high."
The EUR/USD fell as low as 1.1800, the lowest level since December 2005. The pair recovered some ground before closing at 1.1835. Bednarik points the 1.1945 as the intraday resistance in case of further recoveries.
Top winners were: USD/CZK, +1.25 to 23.537; NZD/JPY, +0.87% to 92.64; USD/SEK, +0.79% to 7.9771; Top losers were USD/RUB. -1.14% to 62.433; EUR/NOK, -1.06% to 9.1135; and USD/NOK, -0.59% to 7.6982.
Key news
ADP says US private sector employment increased by 241k
US trade balance narrows in November
Canada Ivey Purchasing Managers Index fell from previous 49.2 to 46.7 in December
Wall Street closes near daily highs