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Daily Market Analysis by FXNET - Euro Hits 4-Year High Against Yen

Discussion in 'Forex Daily News & Outlook' started by fxnetltd, Nov 20, 2013.

  1. fxnetltd

    fxnetltd New Member

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    The euro hit a four-year high against the yen this morning, rising to 135.93, the highest since October 2009. What contributed to the yen’s weakness was data showing Japan’s trade deficit widened more than expected in October.

    Forecasts were for 1.091 trillion yen compared to a forecast of 814 billion yen trade deficit. Meanwhile, focus is on the Bank of Japan’s two-day policy meeting.

    The euro also rose against the dollar, peaking at $1.3576 after the dollar was hurt by comments from Federal Reserve Chairman Ben Bernanke who signaled that the Fed was committed to highly accommodative policies.

    Bernanke said the Fed’s main interest rate will probably remain near zero for a “considerable time” after asset purchases end.

    The dollar lost 0.1 percent against the yen to fall to 100 yen from the Asian open of 100.12 yen.

    Looking ahead, the will be some key US data releases later today, with market focus turning to the FOMC minutes as well as US retail sales. Also, the Bank of England policy meeting minutes will be released.
     
  2. fxnetltd

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    Asian Session - Dollar regains some losses against yen

    The US dollar rebounded against the yen to recover some losses made after a huge tumble following disappointing US nonfarm payrolls data on Friday.

    The data raised concern about the health of the US economy and led to speculation that a Fed rate hike may be further delayed.

    The weaker jobs number caused a sell-off in the dollar and investors were forced to unwind stretched short positions on the yen. This gave the Japanese currency a bit of a breather from recent weakening.

    UDJPY climbed up to 103.48 yen in the Asian session, up 0.5 percent to recover some losses after its big drop on Monday, when the pair fell over 1 percent to a one-month low.

    A trade report from Japan today showed that country’s current account recorded a larger deficit in November, weighing further on Japan’s balance of payments. This will dent sentiment on the yen.
    In other currencies, the euro remained steady against the dollar, close to Friday’s highs when it rallied on the back of the US jobs report. EURUSD traded at $1.3666, off a one-month low of $1.3548 hit on Thursday.

    The pound remains weak after falling on Monday against the dollar. Key risk for the sterling will be UK inflation data due later today. GBPUSD ended in Asia at $1.6387, rebounding slightly from yesterday’s low of $1.6346.

    The Australian dollar, which has benefited from weakness in its US counterpart and hit a one-month high on Monday, has since retreated, down to $0.9034. AUDUSD is down 0.2percent from Monday’s high of $0.9087.

    Key data to watch for in the European session will be UK CPI and Euro zone industrial production data. During the US session, US retail sales data are scheduled for release.
     
  3. fxnetltd

    fxnetltd New Member

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    Market report By Fxnet 15 Jan

    Asian Session – Dollar broadly stronger after US retail sales

    The dollar resumed strength after solid US retail sales data from Tuesday and managed to regain ground against the majors. Also buoying the greenback were hawkish comments from two Federal Reserve policymakers (Richard Fisher and Charles Plosser ) who signaled they are in favour of tapering and ending the Fed’s current bond buying program.

    Plosser even downplayed the weak December US jobs report released on Friday.
    As a result of investors’ expectations of a rate hike now being brought forward, this helped lift the dollar higher against most of its major counterparts.

    December US retail sales edged up in December with a core spending index posting a big increase, a sign the US economy gathered steam at the end of last year and was poised for stronger growth in 2014.

    The dollar built on Tuesday’s recovery against the yen, with USDJPY rising to highs of 104.46 in the Asian session. Yesterday the dollar rallied more than 1% against the yen to pull away from a near one-month low of 102.85 yen.

    The Australian dollar was a currency that stood out as it slid nearly 1% to $0.8910, reversing a move towards $0.9100 cents early in the week.

    The euro lost gains made from a rally yesterday against the dollar that was inspired by ECB Nowotny’s upbeat comments about the Eurozone growth outlook.

    The EURUSD retreated from a two-week high just shy of $1.3700 hit on Tuesday to trade at $1.3626, down 0.3% from late US session levels.
    The euro stayed close to yesterday’s high when EURJPY rose to 142.61 yen, slipping slightly to 142.37.

    Sterling fell back moderately in line with broad dollar strength, with GBPUSD slipping from $1.6443 to $1.6412.
     
  4. fxnetltd

    fxnetltd New Member

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    Market Report 16 Jan

    Asian Session - Aussie suffers big losses jobs data

    The Australian dollar suffered heavy losses in the wake of the release of the December employment report. Jobs in Australia decreased by 22,600 last month, following November’s revised 15,400 gain, according to the country’s statistics bureau. This was a huge miss compared with a 10,000 increase predicted by economists. The unemployment rate remained at 5.8 percent.

    AUDUSD tumbled over 100 pips after the data, falling to a low of $0.8794 from a pre-data level of $0.8903. On Monday the aussie hit a one-month high of $0.9085.

    The US dollar continued to be the best performer as growing consensus in markets is that the Federal Reserve will continue with tapering on speculation the US economic recovery is strong enough.

    Lending support to the dollar is stronger than expected manufacturing and PPI data and an upbeat Empire State manufacturing index from Tuesday.

    The dollar rose for a third day against the yen, its longest advance this month, reaching a high of 104.91.

    Initial jobless claims data in the US will be released today and will be the next risk event for the dollar. The figure for claims the previous week (period ending January 11) is forecast to fall by 328,000, which would be the fewest since November. The prior number was 330,000.

    EURUSD opened in Asia at $1.3602 after trading as low as $1.3581 yesterday. The pair rose to $1.3627.

    EURJPY rose in tandem with USDJPY, up from 142.23 early to highs of 142.90 yen.

    GBPUSD trading was more muted however, as the pair traded a range between $1.6345 and $1.6373.

    In the upcoming European session, a key risk event for the euro will be Eurozone inflation data (CPI).
     
  5. fxnetltd

    fxnetltd New Member

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    Market Report 17-01-2014

    Asian Session - Tight ranges as mixed data keep markets subdued

    There was limited movement during the Asian session as markets took on a risk-off tone, and major currency pairs merely consolidated prior moves. Mixed US data has resulted in a mixed dollar.
    Soft US inflation data and disappointing US corporate results dampened investor sentiment, although an upbeat Philly Fed Manufacturing Index released on Thursday helped keep the US dollar steady. Also initial jobless claims beat economists’ forecasts, and this kept the Fed taper expectations alive.
    USDJPY saw consolidation in Asia after a big reversal yesterday to lows of 104.15 yen. The pair was capped below 104.40 in Asia, trading a tight 20-pip range.
    Other yen crosses were mostly range-bound too as risk aversion led to some yen strength due to safe haven flows into the Japanese currency.
    EURJPY traded a tight 141.85-142.15 range around 142.00. AUDJPY consolidated losses following the plunge to 91.62 yesterday and traded between 91.75-92.10. GBPJPY traded between 170.11-69.
    The euro is under pressure on deflation fears after not so spectacular Euro Zone inflation data yesterday. CPI came in at 0.8% m/m as expected while the core figure actually came in lower than expected at 0.7% versus 0.9% forecast.
    EURUSD opened in Asia at $1.3618 and could only manage a $1.3610-20 range.
    Sterling remains weak, with GBPUSD trading within a range all week, with support at $1.6313 and resistance at $1.6382. Key risk for the pound will be UK retail sales data due later today.
    AUDUSD opened in Asia at $0.8820 and consolidated losses after a huge plunge to a 3-1/2 year low yesterday on the back of dismal Australian jobs data. Speculation is now growing that the Reserve Bank of Australia could cut interest rates.
     
  6. fxnetltd

    fxnetltd New Member

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    Market Report 20-01-2014

    Asian Session - Yen bounces against US dollar

    The yen recovered some losses against the US dollar during Asian trading hours. The Bank of Japan policy meeting will be a key risk event for the yen. Speculation that the central bank may hold off more easing is helping the currency rise against all its major peers today, while a decline in Asian stocks boosted its allure as a haven.
    USDJPY saw weakness early in the session, dipping down to just below the key 104.00 yen level before moving back up to 104.15. EURJPY fell from 141.11 to 140.33 before bouncing to around 140.60.
    The dollar however made gains versus the euro, reaching its strongest level since November. Lending support to the dollar is the fact that many expect the Federal Reserve to continue with tapering.

    EURUSD drifted off early in Tokyo, but then there were small moves, as is often the case in this timezone. After a brief drop to 1.3506, the pair steadied above 1.3525.
    The pound edged slightly lower against the dollar but remained buoyed following a good UK retail sales report on Friday. GBPUSD opened in Asia at 1.6416 and headed higher at the end of the session towards 1.6430.
    AUDUSD opened in Asia at 0.8780 and traded heavy but sideways between 0.8756-80 initially. The relatively good China GDP data for the fourth quarter managed to give a leg up for the aussie, which rose to 0.8805. China is a major trading partner for Australia so any Chinese data are important for the AUD.
    Today is a public holiday in the United States, so trading in USD especially in the US session will be quiet.
     
  7. fxnetltd

    fxnetltd New Member

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    Market Report 21-01-2014

    Asian Session – USDJPY bounces on broad yen weakness

    The US holiday on Monday and limited data releases kept volumes thin even in the Asian session. Most major currency pairs lacked clear direction although the yen pairs made some recovery in Asia this morning.
    USDJPY rebounded to 104.68 in Asia from the US session low of 103.90. The US dollar is expected to improve as expectations grow for more Fed tapering and a more solid US economic recovery. Meanwhile a rising Tokyo Nikkei led to less flows into the yen.
    Other yen crosses were bid, with EURJPY up from 141.07 to 141.823 and GBPJPY from 170.97 to 171.95.
    EURUSD opened in Asia at 1.3550 after a very quiet North American session due to the US public holiday. The pair moved further off 2-month lows to a session high of 1.3560. This level proved to be strong resistance and due to the broadly stronger dollar, the euro was pressured down to the lower 1.3540s.
    GBPUSD did not take any clear direction in Asia, continuing to trade sideways since it surged on strong UK retail sales data on Friday. Cable traded a range of 1.6410 and 1.6434.
    AUDUSD edged slightly higher 0.8836, making a recovery from Monday’s more than 3-year low of 0.8755.
    Looking ahead to the European session, German data will be in focus and could impact the euro. January’s ZEW economic sentiment index will be released, with a forecast of 64.0, compared to a previous 62.0.
     
  8. fxnetltd

    fxnetltd New Member

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    Market Report 22-01-2014

    Asian Session - Yen weakens after Bank of Japan keeps monetary policy on hold

    The main focus in the Asian session today was the Bank of Japan policy meeting. The yen briefly jumps higher after the BoJ kept policy unchanged, which was expected.

    Disappointment arose as some investors had hoped for additional easing measures sooner rather than later ahead of a scheduled sales tax hike in April. As a result, the yen fell back down.

    USDJPY had a choppy session. The pair traded above 104.15 before the BoJ announcement, then dipped to 103.95 before climbing back up to 104.56. EURJPY also see-sawed, and swung from lows of 141.04 to highs of 141.75.

    The Australian dollar mostly stole the spotlight today, after a surprise surge on the back of domestic inflation data. Australian CPI rose 0.9% in the fourth quarter, the biggest pace of increase in over two years. Annual inflation rose 2.6%, the highest since 2011. The data now lessens the chance of a rate cut by the Reserve bank of Australia.

    AUDUSD gained about 0.7% to $0.8863 after rising as high as $0.8873 from a session low of $0.8784. The pair has moved further away from a 3-1/2-year low of $0.8756 reached on Monday.

    In other currencies, the euro was relatively steady against the dollar, as is typical in the Asian time zone. EURUSD briefly broke above $1.3600 before edging down to $1.3555.

    Sterling will be in focus later today as key risk events could impact the currency. The UK will be releasing data on employment. GBPUSD opened in Asia at $1.6475 and traded a 20-pip range.
     
  9. fxnetltd

    fxnetltd New Member

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    Market Report 23-01-2014

    Asian Session – Aussie back down after China PMI

    Chinese PMI numbers were the main focus of the Asian session, which missed forecasts and dampened sentiment. The HSBC flash manufacturing PMI came in a 49.6 versus 50.3 that was expected and fell into contraction territory for the first time in 6 months.
    China is the second largest economy in the world so any data released from there are closely watched by investors. Meanwhile, the Australian dollar typically tends to be impacted by Chinese data since China is a major export destination for Australia.
    AUDUSD fell at a fast pace after the China PMI data, dipping to $0.8786, down from the session open of $0.8848. The pair erased all gains made yesterday when the aussie was boosted after data showed Australian inflation rose more-than-expected and lessened the likelihood of a rate cut by the RBA.
    The yen strengthened on safe haven flows after the disappointing data from China today. Despite a broadly stronger US dollar, the USDJPY fell to 104.26 from an earlier session high of 104.82.
    The dollar is expected to remain in demand as long as there are expectations that the Federal Reserve will continue with tapering.
    Meanwhile, all eyes will be on upcoming US jobless claims data later in the US session. Expectations are for a decline from 3 million to 2.9 million in the week ending January 11.
    In other currencies, the euro was showed little movement, as is typical for this Asian session. EURUSD remained stuck in its recent 1.3500-1.3600 range.
    However a key risk event for the euro will be today’s PMI data from the Eurozone.
     
  10. fxnetltd

    fxnetltd New Member

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    Market Report 24-01-2014

    Asian Session – Dollar broadly lower after disappointing US data
    Risk - off sentiment dominated the markets in Asia after disappointing US data in the prior session dampened the mood. As a result, the US dollar was broadly weaker against most of its major counterparts following a series of soft data.

    USDJPY plunged to a low of 102.96 after the data late on Thursday, and was bought on the dip in Asia. The dollar attempted to recover some losses but the upside momentum was weak and it fell back to 103.22 yen.
    The euro consolidated gains made yesterday when it was propelled to a four-week high against the dollar on the back of upbeat manufacturing and services activity data from the Eurozone. Other data indicated that consumer confidence in the region improved more than forecast in January, also helping buoy the euro.
    EURUSD opened in Asia at 1.3696 just shy of last night’s 1.3699 high but remained above 1.3680 throughout the Asian session.
    Sterling remains strong, buoyed by upbeat UK jobs data on Wednesday which showed the unemployment rate dropped to 7.1% from 7.4% the three months to December.
     
  11. fxnetltd

    fxnetltd New Member

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    Market Report 27-01-2014

    Asian Session – Yen remains buoyed on safe haven demand as emerging markets tumble
    Risk - off sentiment still lingered in at the start of the new trading week, as the turmoil in emerging markets continue to dominate the mood. The Japanese currency gained after being buoyed by safe haven demand in volatile markets as emerging markets tumbled.
    An indication of how much volatility existed in markets last week, the Emerging Markets ETF VIX (Volatility Index) surged 40%, which was the largest jump in over 2-1/2 years.
    USDJPY fell early in the Asian session, dipping over 45 pips to a low of 101.74 but recovered quickly to rise back above 102, ending at 102.4, back to around Friday’s levels.
    Yen crosses traded similarly, with EURJPY down to 139.25 before bouncing to 140.25 while GBPJPY fell to 167.86 and then 169.11. AUDJPY saw lows of 88.40 before rising to 89.50.
    It should be noted that trading volumes were thinner than normal today due to the holiday in Australia.
    The US dollar will be the currency of focus this week as the Federal Reserve starts a two-day policy meeting tomorrow.
     
  12. fxnetltd

    fxnetltd New Member

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    Market report 30-01-2014

    Asian Session – Yen stays firm after Fed tapers and China data disappoint

    The big news overnight was the Federal Reserve’s announcement to continue tapering its economic stimulus. The Fed’s quantitative easing program was cut by $10 billion-a month, bringing the total bond buying plan down to $65 billion a-month. Rates were left unchanged at 0.25% and the Fed reiterated it will keep rates low as long as unemployment is above 6.5% and inflation below 2.5%.

    While the Fed did what was widely expected, it failed to give those in yen-funded carry trades, particularly versus emerging market currencies, anything new to hope for, leading to damp market sentiment.

    Risk appetite was also hit after soft China data. The HSBC final manufacturing PMI for January fell to 49.5, from the previous flash estimate of 49.6, recording the first decline since July, Dec 50.5. China is the world’s second largest economy, so the data is important to markets.

    As safe-haven demand returned, the yen held firm versus the dollar. USDJPY managed to bounce a little from the post-Fed low of 101.83 to rise to the 102.10-30 window and then 102.46.

    EURUSD has pretty much been trapped in a range since yesterday, trading between 1.3646-66. The pair did not show much reaction to the expected decision by the Fed to taper more.
     
  13. fxnetltd

    fxnetltd New Member

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    Asian session – Dollar strong on GDP data, yen up after Japan inflation numbers

    The US dollar was higher after being lifted by US GDP data yesterday and traded at a one-week high against a basket of major currencies. The US economy grew at a 3.2% rate in the last three months to December, with exports and household spending playing a large role in contributing to the increase.

    The euro was one of the worst performing G10 currencies, due to German inflation data raising drawing attention of the European Central Bank. A CPI report from Germany showed soft inflation in Europe’s largest economy, which does not bode well for Eurozone CPI data due later today. This raises concerns that the ECB may have to take action to prevent deflationary pressures in the region.

    EURUSD tumbled over 100 pips on Thursday, and the pair mostly consolidated in the Asian session before heading lower just before the European session, down to 1.3538.

    The yen strengthened today after some optimistic data from Japan. The country’s core consumer price inflation accelerated to 1.3 percent in January, the highest level in five years. This was good news for the Bank of Japan who has pursued aggressive monetary easing for more than a year to fight deflation.

    The stronger yen pushed the USDJPY down from 102.70 to 102.31. EURJPY fell from139.20 to 138.65.

    Aussie was knocked lower after some disappointing Australian PPI numbers (Producer Price Index). AUDUSD fell off an early session high of $0.8822 down to a low of $0.8751.
     
  14. fxnetltd

    fxnetltd New Member

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    Market report 3-02-2014

    Asian Session - Quiet session ahead of risk-filled week

    The currency markets started the new week off with a weak tone, mostly consolidating Friday’s moves and also because investors are being cautious ahead of a busy week full of risk events. There will be two major central bank policy meetings – Bank of England and European Central Bank, both on Thursday.

    Meanwhile, there Reserve Bank of Australia is also having a policy meeting on Tuesday. On Friday US nonfarm payrolls are expected, which will be highly anticipated and could cause much volatility in the markets.

    Chinese markets were still enjoying the Lunar Year Holiday today, keeping volumes thin during the Asian session.

    The euro started the week near a ten-week low against the dollar on growing expectations of a dovish on Thursday following weak CPI data on Friday.

    EURUSD did very little in Asia, trading sideways between 1.3479-96 and testing Friday’ lows.

    GBPUSD extended lower in Asia to 1.6419 from Friday’s close of 1.6437.

    USDCHF was up modestly from 0.9064 to 0.9082.

    AUDUSD opened in Asia at 0.8766 and fell to 0.8737 after negative Australian data releases. An as expected China official manufacturing PMI out over the weekend was somewhat supportive for the aussie.
     
  15. orni308

    orni308 New Member

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    EURUSD was down in last week hopefully it will, recover this week still very volatile market to enter........
     
  16. fxnetltd

    fxnetltd New Member

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    Asian Session – Euro slides ahead of ECB policy meeting

    The euro eased lower ahead of key event risk as investors positioned for the European Central Bank's policy review due on Thursday.
    EURUSD held steady for most of the Asian session just above a two-month low near $1.3477 that had been set on Monday before sliding to $1.3515.

    Growing speculation recently that the ECB may be forced to ease monetary policy further to help fight off the threat of deflation has weighed on the euro recently. Even if the ECB does not act to cut rates today, then it is expected this could happen at the next meeting in March.

    Against the yen, the euro was little changed and supported above the key 137.00 support level. EURJPY has managed to stay above an 11-week low of 136.25 yen reached on Tuesday.

    USDJPY rose slightly during the session to a high of 101.65 yen, staying above Tuesday's 11-week trough of 100.75 yen.
    This week the Japanese currency received a boost from safe haven demand in the wake of a recent selloff in emerging market equities and currencies.

    The dollar weakened against the yen as mixed US data on Wednesday offered little support for the greenback. US PMI for the service sector picked up pace in January but the ADP jobs numbers disappointed as private employers added 175,000 jobs in January, the smallest gain since August. The US non-farm payrolls report on Friday will be closely watched.

    The Australian dollar was the biggest mover today, surging against the US dollar after strong data added to the view the Reserve Bank of Australia (RBA) will not likely cut interest rates soon.

    AUDUSD jumped as much as half a cent to $0.8981, its highest in nearly a month, from $0.8909 in early trade.
     
  17. marketmagnify

    marketmagnify New Member

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    Trading News of Commodity and Stock Market

    INDUAN STOCK MARKET
    The rupee today appreciated by 14 paise to 62.43 against the US dollar in early trade at the Interbank Foreign Exchange market on increased selling of the American currency by exporters.

    The market has once again opened on a flat note. The Sen*** is up 20.52 points at 20281.55, and the Nifty up 5.95 points at 6028.35. About 260 shares have advanced, 61 shares declined, and 10 shares are unchanged.

    LOCAL MARKETS PREVIOUS CLOSE
    • BSE index 20,261.03 (up 0.24 pct)
    • NSE index 6,022.40 (up 0.36 pct)
    • Rupee 62.57/58 per dlr (62.5250/5350)
    • 10-year bond yield 8.71 pct (8.68 pct)
    • 5-year OIS rate 8.37 pct (8.37 pct)
    • 1-year OIS rate 8.63 pct (8.64 pct)
    • Call money 8.40/8.50 pct (7.15/7.20 pct)

    MCX COMMODITY MARKET
    Gold prices moved higher in U.S. trading on Wednesday as investors digested hit-or-miss economic indicators that left markets in doubt as to how quickly the Federal Reserve will taper its monthly bond-buying program. Fed stimulus tools such as bond purchases tend to weaken the dollar by suppressing interest rates, thus bolstering the yellow metal's appeal as a hedge.

    In the Indian markets, gold prices surged by around 6 percent yesterday touching an intra-day high of Rs.31468/10 gms and closing at Rs.31370/10 gms. MCX Silver prices traded higher by around 2 percent and touched an intra-day high of Rs.45223/kg on Wednesday.

    International Commodities
    • US ADP Non-Farm Employment Change fell to 175,000 in January.
    • Euro Zone Retail Sales plunged by 1.6 percent in December.
    • US EIA crude oil inventories rose by 0.4 million bbl in the last week.
    • UK Services PMI fell to 58.3-mark in the month of Jan’14.

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  18. fxnetltd

    fxnetltd New Member

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    Asian Session – Dollar broadly weaker ahead of Yellen testimony

    After a quiet US session, currency markets saw more movement despite the holiday in Japan today. The US dollar was weak across the board ahead of an important risk event later today. Fed Chair Janet Yellen will make her first appearance at the House of Representatives.

    Yellen will be answering questions from US lawmakers, some hostile to the central bank, who will want to know how committed she is to winding back exceptional stimulus measures.

    The only economic data released during the Asian session was from Australia which showed that Australian business conditions rose to its highest in nearly three years in January.

    AUDUSD rose to a one-month high of $0.9016, getting a boost after the data, up 0.6 percent from late US trade on Monday. The Aussie last fetched $0.9004.

    USDJPY opened the Asian session at 102.26 after a quiet US session, then jumped to a high of 102.40 yen. Volumes were thin due to the holiday in Tokyo.

    EURUSD opened the Asian session around 1.3645 after a very slow US session. The pair then idled between 1.3640/50 for the first few hours before spiking to a two-week high of 1.3679.

    Other major pairs mostly traded sideways as markets await Yellen’s testimony. GBPUSD traded a 1.06404-34 range in Asia and USDCHF traded a 0.89385-0.8970 range.
     
  19. marketmagnify

    marketmagnify New Member

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    fxnetltd New Member

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    Asian Session – Soft Australian employment data hurt aussie

    The Australian dollar was the worst performer during the Asian session after being hurt by soft Australian employment data.

    According to a labour force survey for January, the domestic economy showed a surprise 3,700 drop in the number of employed Australians, which came on top of a slight downward revision in December's figures. The unemployment rate rose to the highest level since July 2003, at 6%.

    The aussie tumbled over 100 pips against the US dollar in reaction to the disappointing data today.

    AUDUSD fell to 0.8926 from 0.9030, reversing Wednesday’s gains made after strong China trade data.

    In other currencies, the euro, pound and yen gained against the US dollar. There is caution with trading the greenback today ahead of a report today that forecast to show U.S. retail sales stalled.

    The euro gained for the first time in three days against the dollar before an ECB monthly report later today.

    EURUSD opened in Asia at 1.3592 and rose to 1.3615, regaining some losses from the sharp tumble yesterday following ECB policy makers comments on negative interest rates.

    GBPUSD climbed to a high of 1.6622, the highest since January 28. The pound was lifted by BOE governor Mark Carney’s comments that the UK’s economic recovery was gaining momentum. Markets factored in a rate increase earlier in 2015, sooner than previously thought.

    USDJPY slid to a low of 101.98 from 102.51. US retail sales will be a key risk for the dollar. A relatively flat outcome for sales will provide little rationale to buy the currency.
     
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