EUR/USD
The dollar fell the most in almost two weeks against the euro amid speculation damage from tropical cyclone Sandy will be less severe than earlier anticipated, damping demand for safer assets. The U.S. currency dropped against all but one its 16 major counterparts as European shares rallied. The euro strengthened after a Spanish report showed the economy contracted less in the third quarter than the central bank estimated last week. The yen rose against the dollar as the Bank of Japan (8301) added less monetary stimulus at a policy meeting than some economists predicted. The pound advanced as U.K. retail sales increased. Looking at the storm, we're getting a little bit of people pulling back from risk-off positions where they would've been buying U.S. dollars, Andrew Busch, a global currency strategist at Bank of Montreal (BMO) in Chicago, said in a telephone interview. There was also a total muff last night with the Bank of Japan extending their quantitative easing. The dollar weakened 0.4 percent to $1.2959 per euro at 5 p.m. in New York after losing as much as 0.6 percent, the most since Oct. 17. The U.S. currency declined 0.2 percent to 79.63 yen after falling to 79.28 yen, the least since Oct. 22. The euro advanced 0.2 percent to 103.18 yen. Cyclone Sandy came ashore in southern New Jersey at 8 p.m. New York time yesterday and drove floodwater to life- threatening levels in a region with 60 million residents. U.S. equity and bond markets were shut for a second day today, with both expected to open tomorrow.
The dollar fell the most in almost two weeks against the euro amid speculation damage from tropical cyclone Sandy will be less severe than earlier anticipated, damping demand for safer assets. The U.S. currency dropped against all but one its 16 major counterparts as European shares rallied. The euro strengthened after a Spanish report showed the economy contracted less in the third quarter than the central bank estimated last week. The yen rose against the dollar as the Bank of Japan (8301) added less monetary stimulus at a policy meeting than some economists predicted. The pound advanced as U.K. retail sales increased. Looking at the storm, we're getting a little bit of people pulling back from risk-off positions where they would've been buying U.S. dollars, Andrew Busch, a global currency strategist at Bank of Montreal (BMO) in Chicago, said in a telephone interview. There was also a total muff last night with the Bank of Japan extending their quantitative easing. The dollar weakened 0.4 percent to $1.2959 per euro at 5 p.m. in New York after losing as much as 0.6 percent, the most since Oct. 17. The U.S. currency declined 0.2 percent to 79.63 yen after falling to 79.28 yen, the least since Oct. 22. The euro advanced 0.2 percent to 103.18 yen. Cyclone Sandy came ashore in southern New Jersey at 8 p.m. New York time yesterday and drove floodwater to life- threatening levels in a region with 60 million residents. U.S. equity and bond markets were shut for a second day today, with both expected to open tomorrow.
Support
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Resistance
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EUR/USD
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1.28543
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1.29517
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1.28211
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1.30159
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1.27569
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1.30491
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