{"id":18061,"date":"2011-01-13T16:18:51","date_gmt":"2011-01-13T21:18:51","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=18061"},"modified":"2011-01-13T16:18:51","modified_gmt":"2011-01-13T21:18:51","slug":"forex-update-us-dollar-on-defensive-as-eurusd-reaches-1-3350","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/01\/13\/forex-update-us-dollar-on-defensive-as-eurusd-reaches-1-3350\/","title":{"rendered":"Forex Update: US Dollar on defensive as EUR\/USD reaches 1.3350"},"content":{"rendered":"

By CountingPips.com<\/strong><\/p>\n

The US dollar has been mostly on the defensive against the other major currencies in forex trading action today. The American currency has been losing ground to the European common currency for a fourth consecutive day as the EUR\/USD reached its highest level since January 4th above the 1.3350 exchange rate. The dollar has been also trading lower versus the British pound sterling, Japanese yen, Australian dollar, Swiss franc and the New Zealand dollar while the greenback has gained some ground versus the Canadian dollar, according currency data by Oanda.<\/p>\n

The US stock markets had a losing session today with the Dow falling by approximately 23 points, the Nasdaq decreasing 2.04 points and the S&P 500 down by 2.20 points.\u00a0 Oil has traded lower to $90.97 per barrel while gold \"\"<\/a>futures have lost $11.80 to level at the $1,373.90 per ounce threshold.<\/p>\n

Economic news out of Europe today saw the European Central Bank and the Bank of England hold their respective interest rates in place as widely expected by market watchers. The ECB kept their interest rate at 1.00 percent while the BOE held their rate at 0.50 percent despite fleeting rumors the bank may raise rates due to inflation.<\/p>\n

Earlier this morning, Australian employment data saw just 2,300 jobs created in the month of December following a robust increase of 54,600 workers in November. The jobs data was worse than expected as market forecasters were looking for approximate gain of 25,000 jobs for the month.<\/p>\n

US economic data today showed that initial jobless claims for the week ending January 8th increased by the largest one-week increase in almost 6 months and stood at their highest level since October. Jobless claims rose by 35,000 workers to a total of 445,000 and surpassed economic forecasts expecting 410,000 new claims. The 4-week moving average rose by 5,500 jobless claims while workers seeking continuing unemployment benefits fell by 248,000 workers as of January 1st.<\/p>\n

US producer prices rose by 1.1 percent in December following a 0.8 percent rise in November and surpassed forecasts looking for a 0.8 percent climb. On an annual basis, producer prices are 4.0 percent higher than the December 2009 level.<\/p>\n

The US trade deficit edged lower in November to a total of $38.3 billion from a total of $38.4 billion in October, according to data from the US Commerce Department.<\/p>\n

EUR\/USD Chart<\/strong> \u2013 The euro continued its ascension today versus the dollar in forex trading as the EUR\/USD pair reached a high today of 1.3382 before retreating lower to currently trading at the 1.3350 level.\u00a0 The euro has increased four straight days against the American currency and has put the 200-day moving average behind it for the time being (red line) and currently trades right at the 50-day moving average (blue line).<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The US stock markets had a losing session today with the Dow following by approximately 23 points, the Nasdaq decreasing 2.04 points and the S&P 500 down by 2.20 points.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-18061","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/18061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=18061"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/18061\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=18061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=18061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=18061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}