Posted by Chris Advincula on Mon, Mar 23, 2015 @ 07:18 AM
EUR/USD climbed steadily by 135 pips to 1.0905 from 1.0770 in Europe following the dovish comments from St. Louis Fed President James Bullard who said the dollar is not far from its “fair value” on CNBC. Fed’s Mester adds there is more room to use for easing tools if the U.S. economy slows down sharply. Greek leader Tsirpas meets with Angela Merkel in Berlin.
GBP/USD met elicit support at 1.4840 after the European high of 1.4960 (-120 pips). The sell-off stemmed from the Sunday Times comments from former SNP leader Salmond on coming May election, “We’ll hold Labour to ransom”. Euro-sterling demand added to selling pressure. Euro-sterling rose 78 pips to test 0.7308 from 0.7230.
USD/JPY remained in a failry narrow range of 120.15 = 119.70 (-45 pips) with no economic data today, the dollar has been under pressure from Fed’s Bullard. Euro-Yen on the other hand is well bid H 130.50 L 129.30 as EUR/USD is buoyed by the lower dollar. In Tokyo, Nikkei was +1% to 19,754 but European stocks came in lower. DAX -1.16% ti 11,899.
USD/CHF down 105 pips on a steady dollar decline in European trading H 0.9810 L 0.9705 on bearish comments from Fed’s Bullard and Mester.
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