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15 Mar 2014
Session Recap: Market awaits Ukraine resolution
FXStreet (San Francisco) - The currency market traded sideways on Friday as investors were reluctant to take positions ahead of crucial weekend in Ukraine and next week economic events with the Fed as major character.
News from Ukraine and Russia that said Russia may have liquidated more than $100 billion of US Treasuries spurring risk aversion as a signal of drums of war. Russia's Lavrov denied possibilities of intervention in Eastern Ukraine while economic news from US came weaker than expected.
In this framework, the US dollar remained inside its range against the euro and the pound and it extended losses versus the Japanese yen.
The EUR/USD closed the day around the 1.3900 level after recovering all Thursday's losses. The Euro advanced for sixth week, "the technical picture is clearly bullish, with price developing inside an ascendant channel clear in the daily chart, and having been contained above its middle line," commented FXStreet's chief analyst Valeria Bednarik.
1.4000 is still on the table; however, our polled experts believe the EUR is near a top, and with little exceptions, bears lead the board for the upcoming weeks.
Main headlines in the American Session:
US: Producer Prices (Jan) rose 0.9% YoY
Michigan sentiment slumps to 79.9 from 81.6
Lavrov says Russia has no plans to intervene in Eastern Ukraine
EU affirmed Aaa by Moody’s, outlook raised to stable from negative
Russia preparing to dump its Treasury holdings?
US stocks close at daily lows and extend weekly decline
Bonus Track: Watch this later this afternoon when you are really, really bored
News from Ukraine and Russia that said Russia may have liquidated more than $100 billion of US Treasuries spurring risk aversion as a signal of drums of war. Russia's Lavrov denied possibilities of intervention in Eastern Ukraine while economic news from US came weaker than expected.
In this framework, the US dollar remained inside its range against the euro and the pound and it extended losses versus the Japanese yen.
The EUR/USD closed the day around the 1.3900 level after recovering all Thursday's losses. The Euro advanced for sixth week, "the technical picture is clearly bullish, with price developing inside an ascendant channel clear in the daily chart, and having been contained above its middle line," commented FXStreet's chief analyst Valeria Bednarik.
1.4000 is still on the table; however, our polled experts believe the EUR is near a top, and with little exceptions, bears lead the board for the upcoming weeks.
Main headlines in the American Session:
US: Producer Prices (Jan) rose 0.9% YoY
Michigan sentiment slumps to 79.9 from 81.6
Lavrov says Russia has no plans to intervene in Eastern Ukraine
EU affirmed Aaa by Moody’s, outlook raised to stable from negative
Russia preparing to dump its Treasury holdings?
US stocks close at daily lows and extend weekly decline
Bonus Track: Watch this later this afternoon when you are really, really bored