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26 Feb 2014
Flash: EUR, GBP and CHF remain stable so far - BTMU
FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, noted that the major FX currencies remain within a narrow range so far this year.
Key Quotes
"The major foreign exchange rates have continued to remain stable in the Asian trading session having lacked direction so far in early 2014. The euro, pound, and Swiss franc are all within 1% of their 2013 year end levels against the US dollar."
"Even the yen has strengthened only modestly by around 3% against the US dollar despite heightened investor concerns over negative developments in emerging markets including an ongoing loss of economic growth momentum in China, and a sharper than expected economic slowdown in the US in Q1 2014. The release yesterday of the latest Conference Board consumer confidence and Richmond Fed manufacturing surveys for February both disappointed expectations extending the recent trend for negative economic data surprises from the US which has weighed modestly upon the US dollar".
"We do not anticipate an improvement in US economic data until March when cold weather conditions should begin to normalize."
Key Quotes
"The major foreign exchange rates have continued to remain stable in the Asian trading session having lacked direction so far in early 2014. The euro, pound, and Swiss franc are all within 1% of their 2013 year end levels against the US dollar."
"Even the yen has strengthened only modestly by around 3% against the US dollar despite heightened investor concerns over negative developments in emerging markets including an ongoing loss of economic growth momentum in China, and a sharper than expected economic slowdown in the US in Q1 2014. The release yesterday of the latest Conference Board consumer confidence and Richmond Fed manufacturing surveys for February both disappointed expectations extending the recent trend for negative economic data surprises from the US which has weighed modestly upon the US dollar".
"We do not anticipate an improvement in US economic data until March when cold weather conditions should begin to normalize."