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13 Mar 2015
Session Recap: USD recovers, GBP slumps
FXStreet (Edinburgh) - The greenback is recovering part of yesterday’s sharp sell-off, with the US Dollar Index advancing to the vicinity of 99.70, closer to the psychological 100.00 mark. The euro remains stuck in the area around 1.0600 the figure, against a backdrop of scarce releases/events in the euro area and with all the attention to the meeting between A.Tsipras and J.C.Juncker.
The pound is stealing the show however, being the worst G10 performer following dovish comments by BoE’s Mark Carney on Thursday. Carney argued that a strong sterling could slow the pace of future rate hikes and it could hamper the evolution of UK’s Core CPI. GBP/USD reacted accordingly, trading in levels last seen in January 2010 below the 1.4800 handle.
In the commodities space, crude oil prices are extending their decline, with the barrel of West Texas Intermediate dropping more than 2.0% around $46 and the barrel of Brent losing around 1% below $57.
The pound is stealing the show however, being the worst G10 performer following dovish comments by BoE’s Mark Carney on Thursday. Carney argued that a strong sterling could slow the pace of future rate hikes and it could hamper the evolution of UK’s Core CPI. GBP/USD reacted accordingly, trading in levels last seen in January 2010 below the 1.4800 handle.
In the commodities space, crude oil prices are extending their decline, with the barrel of West Texas Intermediate dropping more than 2.0% around $46 and the barrel of Brent losing around 1% below $57.