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16 Sep 2013
Session Recap: Dollar recovers some ground but it couldn't fill the Summers' gap
FXstreet.com (San Francisco) - Market traded on Summers' mode on Monday... Not about the season but regarding the Larry Summers withdrawal from the Fed's chairman running. His 'resignation' left dovish Janet Yellen as the sole frontrunner so far. Market cheered it.
The Dollar was the loser in the first day of the week as investors traded on risk appetite. Stocks rallied to touch record highs, Commodities tumbled and riskier currencies started the session with a positive gap.
The EUR/USD traded as high as 1.3385 early in the Asian and European session; however the Greenback managed to recover ground and it closed at 1.3335. Same story in the GBP/USD as the cable reached multi-month highs at 1.5960 but closing at 1.5900.
The USD/JPY declined to test 98.45 with the pair retracing loses to finish at 99.10. The USD/CAD reached 1-month lows at 1.0280 and it closed at 1.0320. The AUD/USD opened the week at 0.9385, above the 0.9315 key resistance, now the Aussie testing the same level as support and closing at 0.9317.
On commodities, the US-Russia agreement on Syrian chemical weapons over the weekend is also collaborating with the upbeat mood amongst traders. The Gold collapsed to the lowest level since August 8 at 1,302 where the XAU/USD found support and now it is wrapping up the session at 1,310.
The oil lost 1.89% on the day, more than $2 to close at $106.16/barrel. Below the 106.40 support.
Main headlines in the American session:
US: NY Empire State index dropped to 6.29 in September
Canadian August home sales 11.1% higher than last year
US: Industrial Production up 0.4% in August
Cyprus collects the IMF dole
The Fed to maintain forward guidance with firm tone, says Hilsenrath
Wall Street rallies as Summers leaves the Fed's chairman run; Apple no
The Dollar was the loser in the first day of the week as investors traded on risk appetite. Stocks rallied to touch record highs, Commodities tumbled and riskier currencies started the session with a positive gap.
The EUR/USD traded as high as 1.3385 early in the Asian and European session; however the Greenback managed to recover ground and it closed at 1.3335. Same story in the GBP/USD as the cable reached multi-month highs at 1.5960 but closing at 1.5900.
The USD/JPY declined to test 98.45 with the pair retracing loses to finish at 99.10. The USD/CAD reached 1-month lows at 1.0280 and it closed at 1.0320. The AUD/USD opened the week at 0.9385, above the 0.9315 key resistance, now the Aussie testing the same level as support and closing at 0.9317.
On commodities, the US-Russia agreement on Syrian chemical weapons over the weekend is also collaborating with the upbeat mood amongst traders. The Gold collapsed to the lowest level since August 8 at 1,302 where the XAU/USD found support and now it is wrapping up the session at 1,310.
The oil lost 1.89% on the day, more than $2 to close at $106.16/barrel. Below the 106.40 support.
Main headlines in the American session:
US: NY Empire State index dropped to 6.29 in September
Canadian August home sales 11.1% higher than last year
US: Industrial Production up 0.4% in August
Cyprus collects the IMF dole
The Fed to maintain forward guidance with firm tone, says Hilsenrath
Wall Street rallies as Summers leaves the Fed's chairman run; Apple no