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US Dollar Unwinds a Bit of Last Week's Gains

US Dollar Unwinds a Bit of Last Week's Gains

Benjamin Spier, Technical Strategist

Today’s European and Asian sessions failed to deliver any significant market events, except for a short lived rally in Yen soon after the weekly open. The rally seemed to be a response to Japan’s Amari’s warning over the weekend against further Yen weakening.

At the time of this writing, the US Dollar is losing to all major currencies in today’s session, possibly an unwinding of the gains seen in US Dollar over the past two weeks. The Kiwi is up 0.88%, thereby retracing only a part of the losses experienced last week.

There were few economic releases thus far over the European and Asian sessions. A slew of low importance Japanese economic indicators failed to move the Yen.

In the North American session, Chicago Fed Nat Activity Index will be released at 12:30 GMT; 0.23 is expected.

The Euro rose back from a monthly low set on Friday at 1.2796. A six month low currently sits at 1.2750, which may provide support. Resistance may be provided by the key 1.3000 figure.

(Did you understand all the terms used in today’s report? If so, test your skills with DailyFX’s Trading IQ Quiz.)

EURUSD Daily: May 20, 2013

US_Dollar_Unwinds_a_Bit_of_Last_Weeks_Gains_body_eurusd_daily_chart.png, US Dollar Unwinds a Bit of Last Week's Gains

Chart created by Benjamin Spier using Marketscope 2.0

--- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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