The end of the week in Asia saw the US Dollar lose footing against the Euro. Traders digested yesterday's stronger-than-expected Euro-Zone data that suggested better growth (GDP 0.7% actual vs. 0.5% consensus). Germany posted its fastest rate of growth in over 10 years, boasting YoY growth of 2.6%. Market players took the subsequent pullback to cover short positions into the weekend as EURUSD ends the Asia week where it began.
EUR/USD opened and hit an early low of 154.36 and then took off to 154.79. EUR/JPY pushed higher as well tonight, starting off the night in the 161.50 area, and pressing through the 162.00 figure by the end of the session. USD/JPY peaked early at 104.89 and reversed back to the 104.65 area. Stronger than expected GDP in Japan helped strengthen the Yen, with details revealing the data was driven by large net exports.
Glancing across the board at other currency pairs, AUD/USD had a nice 50 point gain to currently trade around 0.9450, while the Kiwi stayed in a choppy range all night. USD/CHF, though in a 40 pip range throughout the session, has been a net loser from the 1.0570 NY closing rate.
The London Session is absent of top-tier data, just as the final New York Session. Traders will likely glide through Friday and attend to their respective positions, with an eye on both equities and commodities. Have a great weekend….
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