Major Currency Pairs Analysis: October 28, 2013

Published 10/28/2013, 05:15 AM
Updated 04/25/2018, 04:40 AM
EUR/USD
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GBP/USD
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USD/JPY
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USD/CAD
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CL
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EUR/USD
The euro touched a two year high against the dollar as U.S. employers added fewer jobs than forecast and consumer confidence sagged. The dollar had its first back to back weekly losses against the euro in a month as weaker than forecast economic data added to bets the Federal Reserve will put off slowing stimulus to help the U.S. economy strengthen.
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GBP/USD
The pound headed for a second weekly advance versus the dollar after a government report showed U.K. economic growth accelerated to the fastest pace in more than three years in the third quarter. Sterling was poised for a gain this week versus the dollar after Bank of England Governor Mark Carney said the central bank will widen access to money market operations. The pound strengthened 3.2 percent in the past three months.
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USD/JPY
The yen extended its three-week decline against the dollar after Deputy Governor Kikuo Iwata reiterated the Bank of Japan’s commitment to unprecedented monetary easing. Japan’s currency weakened against the dollar as the BOJ is also due to meet this week, and is expected to maintain its more than 7 trillion yen ($72 billion) in Japanese government bonds each month to end deflation.
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USD/CAD
The Canadian dollar fell to a seven-week low against its U.S. counterpart with the Bank of Canada embracing a more accommodative monetary policy and crude oil prices heading for the biggest weekly decline since June. The currency weakened for a third day after the central bank said on October 23 its economic growth forecast for this year was cut to 1.6 percent from 1.8 percent.
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