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The dollar was mixed overall in light FX trade in N.Y. on Tuesday. Month and quarter end positioning had largely run its course, leaving the market rather listless. EUR-USD peaked at 1.0776 before easing back under 1.0730, where it spend most of the session. USD-JPY moved inside a narrow range on either side of 120.00, while USD-CAD faded toward 1.2650 following better Canadian GDP data. On the data calendar, home prices were steady, as consumer confidence and Chicago PMI rose.
Analysts and investors cheered when the US economy grew 5% in 3Q14. Finally, it seemed, the pace of economic growth had hit “escape velocity” – a level at which the macro level of economic growth no longer required fiscal or monetary stimulus. But with a headline number of 2.2% in 2Q14, overall GDP growth quickly returned to its previous slower levels. And since the first of the year several economic numbers have been disappointing. While no one is arguing a recession is on the way, there is just enough negativity in the numbers to ra
EUR-USD dipped to fresh lows under 1.0720 amid general euro underperformance. EUR-JPY triggered stops through 129.00 on route to 11-day lows under 128.70. EUR-GBP also saw fresh lows. Talk of real money bids into 1.0700 in EUR-USD may put a brake on euro selling. The move comes despite Eurozone HICP inflation rising to -0.1% y/y in March from -0.3% y/y in the previous month, though this met expectations after uptick in German and Spanish headline rates released yesterday. USD-JPY rallied to a new high for a second day, making an 11-day peak of 120.36.
EUR-USD fell to nine-day lows under 1.0780, bringing the Mar-22 low at 1.0767 into scope. The move broke below the 20-day moving average, which is presently sitting at 1.0796 and now reverts as resistance, ahead of 1.0845. The fresh decline reflects broader dollar gains that were sparked by Fed's Fischer, who said U.S. GDP data may be understating the economy's health. USD-JPY rallied to a new high for a second day, making an 11-day peak of 120.36. The move came to a pause just shy of the 20-day moving average at 120.40.
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