Daily Forex News & Analysis – 14/02/13

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USD

The dollar rose on Wednesday after a combination of poor Retail Sales data and central bank commentary increased risk aversion and therefore safe-haven flows. The greenback ended the day at 1.3452 to the euro and 93.38 to the yen. Initial and Continuing jobless Claims headline today’s economic news schedule.

EUR

The euro remained broadly unchanged on Wednesday after data came out as expected and fears that the higher exchange rate might be hurting the economy, were dismissed by ECB President Draghi who said the euro had not over-appreciated but was at a long-term average. The single currency ended the day at 1.3452 to the dollar and 125.62 to the yen. Today’s data includes Euro-zone GDP  which is expected to fall by -0.7% from -0.6% previously.

GBP

The pound fell even more deeply on Wednesday after the BOE’s inflation report predicted high inflation for the next two years and at the same time revised down growth forecasts. Sterling ended the day at 1.5541 to the dollar and 0.8654 to the euro.

JPY

The yen traded mixed on Wednesday after the recent boost from the G7 meeting agreement not to target exchange rates ran out of steam. The yen ended the day at 93.38 to the dollar and 125.62 to the euro.

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I am a forex analyst, trader and writer. I have had a careeer writing articles for websites and journals, starting in the travel sector and then in Forex.I use a combination of techncial and fundamental analysis in my forecasting. When I joined Forex4you in 2010 I thought it was a great opportunity to work as an analyst for an international broker. Every day I provide market tips, analysis and articles to clients of Forex4you which you can find on this blog: good luck and happy trading!