20 Jan 2015
Session Recap: USD rose amid risk aversion; Beware Obama speech and ECB QE
FXStreet (San Francisco) - The US dollar traded higher on Tuesday as investors bet on the Greenback and the gold amid risk aversion on growth forecasts and ahead crucial developments later on the week.
Market was concerned about China GDP and the cut on the global growth forecast by the IMF. In the same mood, investors were reluctant to take risks ahead the ECB meeting on policy and rate decision on Thursday and the US president Barack Obama speech on the State of the Union later on Tuesday.
The USD posted gains versus the Euro, the Yen and the Canandian Dollar while it performed lower against the GBP/USD. However, the moves were overall sideways.
According to FXStreet chief analyst Valeria Bednari, "currency pairs are yet to find their north this week with range trading prevailing across the board, exception made by commodity currencies as NZD and CAD fell sharply against the dollar."
Top performers on the day were the USD/CAD, +1.44% to 1.2111; the CHF/JPY, +1.41% to 135.49; and the USD/JPY, 1.06% to 118.78.
To the downside, laggards were CAD/CHF, -173% to 0.7235; USD/BRL, 1.44% to 2.6092; and NZD/USD, -1.34% to 0.7673.
On related markets: US stocks rebounded to close with small gains on Tuesday;o il WTI closed down to $46.64; while the Gold climbed to close above the critical 1,292.00 level at 1,292.45.
Key news:
Canada Manufacturing Shipments (MoM) registered at -1.4%, below expectations (-0.7%) in November
Belgium Consumer Confidence Index climbed from previous -12 to -9 in January
United States NAHB Housing Market Index came in at 57 below forecasts (58) in January
US stocks bounce to close with small gains
Market was concerned about China GDP and the cut on the global growth forecast by the IMF. In the same mood, investors were reluctant to take risks ahead the ECB meeting on policy and rate decision on Thursday and the US president Barack Obama speech on the State of the Union later on Tuesday.
The USD posted gains versus the Euro, the Yen and the Canandian Dollar while it performed lower against the GBP/USD. However, the moves were overall sideways.
According to FXStreet chief analyst Valeria Bednari, "currency pairs are yet to find their north this week with range trading prevailing across the board, exception made by commodity currencies as NZD and CAD fell sharply against the dollar."
Top performers on the day were the USD/CAD, +1.44% to 1.2111; the CHF/JPY, +1.41% to 135.49; and the USD/JPY, 1.06% to 118.78.
To the downside, laggards were CAD/CHF, -173% to 0.7235; USD/BRL, 1.44% to 2.6092; and NZD/USD, -1.34% to 0.7673.
On related markets: US stocks rebounded to close with small gains on Tuesday;o il WTI closed down to $46.64; while the Gold climbed to close above the critical 1,292.00 level at 1,292.45.
Key news:
Canada Manufacturing Shipments (MoM) registered at -1.4%, below expectations (-0.7%) in November
Belgium Consumer Confidence Index climbed from previous -12 to -9 in January
United States NAHB Housing Market Index came in at 57 below forecasts (58) in January
US stocks bounce to close with small gains