Forex headlines for May 13, 2013
- April US retail sales +0.1% vs -0.3% exp
- March US business inventories 0.0% vs 0.3% exp m/m
- ECB Asmussen: Reject German plan of decentralizes resolution mechanism
- EC: Greece will hit fiscal targets in 2013 & 2014
- UK PM Cameron: Real chance to get process on EU-US trade talks launched before G8
- S&P 500 flat at 1634
- Gold down $16 to $1431
- USD leads, AUD lags
The euro dropped 30 pips on the US retail sales number, taking out some stops at 1.2950 but more bids at 1.2940 and Friday’s low of 1.2934 stopped the decline and the pair quickly recouped its losses. The renewed upward momentum pushed EUR/USD to the highs of the day at 1.3000 but it was unable to break the big figure and has drifted down to 1.2970.
The dollar similarly jumped higher against the yen following retail sales, hitting 102.05 but unable to take out the overnight high of 102.15. It quickly fell back to 101.60. Later in the day it drifted higher but was unable to breach 102.00 and was last trading at 101.87.