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  1. #1
    AceTraderFX is offline Senior Member
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    Smile AceTraderFx Sept 27: Dollar rises against other major currencies on upbeat U.S. data

    Market Review - 26/09/2013 22:18GMT

    Dollar rises against other major currencies on upbeat U.S. data

    The greenback strengthened against majority of its peers on Thursday after data showed jobless claims dropped last week to a near 6-year low, this upbeat data increased speculation of the Federal Reserve will strat tapering its bond purchases at its October or December FOMC meeting.

    The single currency remained under pressure in Asia and dropped to 1.3486 in European morning before trading sideways, euro staged a recovery to 1.3511 in New York morning. However, price met renewed selling there and later fell to session low of 1.3472 at New York midday.

    Versus the Japanese yen, the greenback rallied in Asian morning to 99.11 on speculation of Japan's government will cut corporate taxes. However, price pared intra-day gains and retreated to 98.51 in European morning before rising to session high at 99.14 in New York morning, helped by the release of better-than-expected U.S. GDP data, jobless claims and pending home sales.

    U.S. GDP annualised (Q2 final) came in at 2.5% versus the forecast of 2.6%. U.S. jobless claims came in at 305K versus the forecast of 325K, previous reading was revised to 310K. In a separate report, U.S. pending home sales (Aug) came in at -1.6% month/month, worse than the forecast of -1.0% m/m, previous reading was revised to -1.4% month/month.

    The British pound edged higher to session high at 1.6096 in early European morning, however, cabled tumbled after release of trade data which showed deficits widened in Q2 and U.K. annual GDP showed economic growth was less than early estimate, damping optimism the U.K. recovery is gathering momentum. Price continued to drop in New York morning after the release of U.S. economic data to an intra-day low at 1.5999 (Reuters) before staging a short-covering rebound to 1.6043 in New York afternoon.

    In other news, ECB's Constancio says 'easy for ECB to absorb excess liquidity in financial system, when desired; will keep key interest rates stable or lower for extended period of time; if there is upward pressure on short-term market rates, we still have tools to react.'

    Data to be released on Friday :

    Japan national CPI and Tokyo CPI, U.K. nationwide house prices, Gfk consumer confidence, business barometer, France GDP, Swiss KOF leading indicator, EU business climate, economic sentiment, consumer confidence, Germany CPI and HICP, U.S. personal income, personal spending, PCE , and University of Michigan consumer confidence.

  2. #2
    vic84 is offline Banned
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    USD JPY pair rose but still its in a very uncertain position...........

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