Recap: US Dollar remembers who is the king right now; Oil below $60.00
2014-12-11 22:32 GMT | FXStreet.com
FXStreet (San Francisco) - Do you really need somebody to remind you who is the king now? After three days of declines, the US dollar rose on Thursday against most of majors but the GBP. It was the LTRO first but the real awakening came with a good set of US economic data.
US Retail sales rose 0.7% in November, above 0.4% expected. It was the largest increase since March; Jobless claims down to 294K, better than expected. Import and export prices fell more than expected.
Adam Button from ForexLive explains it well: "It wasn’t a spectacular report but — time and time again — we’ve seen that any good news reminds traders that the US dollar is the best place to be and the momentum continued until the last hour of the day when stocks gave up most of their gains."
Thus, the EUR/USD fell 0.36% on the day before closing at 1.2410. First daily decline in four days. The euro initially dropped about 100 pips from 1.2465 to find support at 1.2370, where it was purchased. It then rebounded to 1.2410.
According to Valeria Bednarik from FXStreet, "further declines below 1.2360 immediate intraday support, should anticipated a continued slide towards 1.2270 price zone."
The USD/JPY found support at 117.50 today's session after declining 430 pips in three days from 121.85. The pair jumped to 119.50 before retracing and closing at 118.80.
Top winners today were the USD/RUB that rose 1.80% on the day to 55.60. The ruble has lost 69.38% versus the Greenback in 2014. The USD/NOK climbed 1.76% to 7.2843 and the EURNOK advanced 1.45% to 9.0411. Losers were the AUD/USD after losing 0.52% to 0.8273; the EUR/GBP that lost 0.40% on the day to 0.7888; and the EUR/SEK with 0.36% daily decline to 9.3366.
The oil WTI broke below the $60.00 level to trade as low as $59.00. Nymex crude oil fell below $60 for the first time since July 2009 to $59.95. Gold dropped 0.32% to $1,225.50.
Key Data
US Initial Claims 294K vs 297K Estimate. Last week 297K
US Nov import price index -2.3% y/y vs -2.6% y/y expected
November 2014 US retail sales 0.7% vs 0.4% exp m/m
Canadian Q3 capacity utilization rate 83.4% vs 83.0% expected
Canadian Oct new housing price index +0.1% vs +0.1% m/m exp
United States Business Inventories meets forecasts (0.2%) in October
Oil making lower lows and breaking $60
Dude, where's my profit? US stocks closed up but loses half of gains
US Retail sales rose 0.7% in November, above 0.4% expected. It was the largest increase since March; Jobless claims down to 294K, better than expected. Import and export prices fell more than expected.
Adam Button from ForexLive explains it well: "It wasn’t a spectacular report but — time and time again — we’ve seen that any good news reminds traders that the US dollar is the best place to be and the momentum continued until the last hour of the day when stocks gave up most of their gains."
Thus, the EUR/USD fell 0.36% on the day before closing at 1.2410. First daily decline in four days. The euro initially dropped about 100 pips from 1.2465 to find support at 1.2370, where it was purchased. It then rebounded to 1.2410.
According to Valeria Bednarik from FXStreet, "further declines below 1.2360 immediate intraday support, should anticipated a continued slide towards 1.2270 price zone."
The USD/JPY found support at 117.50 today's session after declining 430 pips in three days from 121.85. The pair jumped to 119.50 before retracing and closing at 118.80.
Top winners today were the USD/RUB that rose 1.80% on the day to 55.60. The ruble has lost 69.38% versus the Greenback in 2014. The USD/NOK climbed 1.76% to 7.2843 and the EURNOK advanced 1.45% to 9.0411. Losers were the AUD/USD after losing 0.52% to 0.8273; the EUR/GBP that lost 0.40% on the day to 0.7888; and the EUR/SEK with 0.36% daily decline to 9.3366.
The oil WTI broke below the $60.00 level to trade as low as $59.00. Nymex crude oil fell below $60 for the first time since July 2009 to $59.95. Gold dropped 0.32% to $1,225.50.
Key Data
US Initial Claims 294K vs 297K Estimate. Last week 297K
US Nov import price index -2.3% y/y vs -2.6% y/y expected
November 2014 US retail sales 0.7% vs 0.4% exp m/m
Canadian Q3 capacity utilization rate 83.4% vs 83.0% expected
Canadian Oct new housing price index +0.1% vs +0.1% m/m exp
United States Business Inventories meets forecasts (0.2%) in October
Oil making lower lows and breaking $60
Dude, where's my profit? US stocks closed up but loses half of gains
#KingUSD
#Oil
#USD
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