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Daily Market Outlook for 27.06.2013

The euro pared some losses in Asian trade on Thursday as investors turned on the common currency after European Central Bank officials made clear any policy tightening remained a very distant prospect. The Australian dollar rose modestly as Asian shares recovered after a sell off earlier this week sparked by fears of credit problems in China.

ECB President Mario Draghi, Executive Board member Yves Mersch and policymaker Christian Noyer, were all out in force on Wednesday stressing the ECB was not preparing to start winding down stimulus, in contrast to the Federal Reserve. The euro plumbed a near four-week low near $1.2984, taking total losses since June 19 to more than 3%. Against the yen, the common currency skidded 0.7% to a one-week low of 126.55 on Wednesday. Pressure on the euro helped the dollar index rise to 83.02 on Wednesday, a high last seen since the start of the month.

It stood at 82.80, just below 61.8% retracement of its May-June fall at 82.97. Traders said month and quarter-end buying further supported the U.S. dollar, which largely shrugged off a surprisingly sharp downgrade to first quarter U.S. economic growth. The Commerce Department said gross domestic product expanded at a 1.8 percent annual pace in the quarter, compared with a previously reported 2.4 percent pace.

Traders said the data was historical and a recent batch of encouraging reports indicated that the economy was on a gradual recovery path, keeping intact expectations for the Fed to start rolling back its stimulus later this year.

Thursday, 27 Jun, 2013 / 8:31

Source : https://www.finfx.fi/en/daily-market-outlook-27062013

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