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Major Currency Pairs Analysis: September 9, 2013

Major Currency Pairs Analysis: September 9, 2013

EUR/USDEuropean Central Bank President Mario Draghi played down recent signs of economic recovery in the eurozone and kept the door open to interest-rate cuts, suggesting the bank’s easy-money policies will stay in place as far as the eye can see. “These shoots (of recovery) are still very, very green,” Mr. Draghi said at his monthly news conference. The ECB’s rate-setting board kept its key interest rate unchanged at the record low of 0.5%, and announced no new stimulus measures.

EUR/USD” width=”623″ height=”467″ />GBP/USDSterling gained steadily last week after continued strong PMI data hit the wires. The pound ended at 1.5630 gaining over 100 points since the opening on Monday at 1.5518. last week also saw the September Bank of England meeting. As expected, the BoE left policy unchanged at the September meeting.

GBP/USD” width=”623″ height=”467″ />USD/JPYThe yen fell as Tokyo’s winning bid to host the 2020 Olympics boosted optimism in Japanese Prime Minister Shinzo Abe’s package of fiscal and monetary policies that have helped weaken the currency 13% this year. Japan’s currency was lower dollar after a report showed the nation’s economy expanded faster than initially estimated. The U.S. currency held gains from last week versus the euro amid expectations the Federal Reserve will reduce its $85 billion in monthly bond purchases this month the yen fell 0.4% to 99.54 per U.S. dollar.

USD/JPY” width=”623″ height=”467″ />USD/CADThe Canadian dollar strengthened to the highest level in more than two weeks as the nation added jobs at triple the pace forecast last month, indicating the recovery remains resilient as U.S. employment growth falters. The currency rose against the majority of its most-traded peers as Statistics Canada said the economy added 59,200 positions in August. The unemployment rate fell to 7.1 percent from 7.2 percent. The U.S., the nation’s biggest trading partner, added 169,000 jobs in August.

USD/CAD” width=”623″ height=”467″ />CLCrude fell from the highest price in more than two years. Hedge funds reduced their bullish bets last week and China’s net crude imports shrank in August from a record high. Crude slid as much as 0.7% in New York after two days of gains. China imported 21.2 million metric tons more oil than it exported as refiners shut the most plants for repairs this year, customs data showed yesterday. Saudi Arabia backs a military strike on Syria for the alleged use of chemical weapons, according to U.S. Secretary of State John Kerry. Russia will keep supporting the government of Bashar al-Assad, said President Vladimir Putin.

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