Market Review - 22/09/2016   21:55GMT  

Dollar extends post-FOMC rally before paring gains in NY afternoon

The greenback fell against majority of its peers except the Japanese yen on Thursday as the Federal Reserve's decision to not hike rates and lower its longer-term rate view continued to weigh on the buck. 

Versus the Japanese yen, although dollar dropped to session low at 100.10, price pared its losses and staged a short-covering rally to 100.87 in Europe, then marginally higher to an intra-day high at 100.92 in New York afternoon before stabilising. 

The single currency traded with a firm bias in Asia and rallied to 1.1248 in Europe on dollar's broad-based weakness following Fed's decision to not act. Euro ratcheted higher to an intra-day high at 1.1257 in New York morning before retreating on profit-taking, price fell back to 1.1200 before moving narrowly near the close.. 

The British pound also traded with a firm bias in Asia and gained in tandem with euro to 1.3088 in European morning. Renewed buying at 1.3048 lifted the pair and cable rose to an intra-day high at 1.3121 in New York morning before retreating on profit-taking. 

In other news, ECB's Knot said 'financial stability n price stability are aligned on a sufficiently long horizon; ECB shud use medium term target sufficiently flexibly.' 

On the data front, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending September 17 decreased by 8,000 to a seasonally adjusted 252,000 from the previous week's total of 260,000. 

Data to be released on Friday: 

Japan manufacturing PMI, France GDP, manufacturing PMI, service PMI, manufacturing PMI, service PMI, Germany manufacturing PMI, service PMI, Eurozone manufacturing PMI, service PMI, Canada CPI, retail sales and U.S. manufacturing PMI.

Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.

Feed news Join Telegram

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD holds above 1.0700 after US inflation data

EUR/USD holds above 1.0700 after US inflation data

EUR/USD stays in the lower half of its daily range but continues to trade above 1.0700 in the early American session on Friday. The data from the US showed that the annual Core PCE Price Index declined to 4.9% in April as expected, making it difficult for the dollar to gather strength.

EUR/USD News

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD clings to daily gains above 1.2600 and remains on track to end the week in positive territory. The greenback struggles to attract investors after the data from the US showed that PCE inflation softened in April. 

GBP/USD News

Gold pulls away from daily highs, holds above $1,850

Gold pulls away from daily highs, holds above $1,850

Gold has lost its traction in the second half of the day on Friday and declined toward the $1,850 area. The benchmark 10-year US Treasury bond yield staged a modest rebound on the US PCE inflation data, not allowing XAU/USD to preserve its bullish momentum.

Gold News

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA fork proposal has passed with 65.5% votes, Revival Plan 2 in action without algorithmic stablecoin UST. LUNA price could wipe out losses incurred by holders in the colossal crash of LUNC and UST. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Majors

Cryptocurrencies

Signatures