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12 Mar 2015
What’s ahead: USD expected to resume the rise
FXStreet (Córdoba) - The American session saw the greenback extend its downside correction as disappointing US retail sales figures added to the selling pressure around the currency. EUR/USD climbed back above 1.0600 after hitting a fresh 12-year low of 1.0499 while USD/JPY dropped temporarily below 121.00 before bouncing. The pound was among the worst performers of the day, falling to a 20-month low of 1.4849, weighed by dovish Carney’s comments.
Despite today’s downward correction, the US dollar is expected to resume its bullish bias underpinned by expectations the Federal Reserve would hike rates in June, a prospect that has been fueled by strong nonfarm payrolls last week.
Looking ahead, Japan Industrial Production data will be the key event of the Asian session. On Friday, German Wholesale Price Index and US PPI and Reuters/Michigan consumer confidence will be published during the New York session.
Despite today’s downward correction, the US dollar is expected to resume its bullish bias underpinned by expectations the Federal Reserve would hike rates in June, a prospect that has been fueled by strong nonfarm payrolls last week.
Looking ahead, Japan Industrial Production data will be the key event of the Asian session. On Friday, German Wholesale Price Index and US PPI and Reuters/Michigan consumer confidence will be published during the New York session.