In the US, core retail sales came out at 0.40% as expected, core CPI came out at 0% instead of the expected 0.10%, and the Fed budget balance came out at -34.50B instead of the expected -32B. Dow Jones fell by -0.29%, NASDAQ gained by 1.37%. Gold fell by -0.4% to close at $1,372 per ounce, and crude oil fell by 1.7% to close at $81.25 per barrel. In Europe, CPI results remained unchanged at 1%. Investors will have to be wary with all of the topsy-turvy changes going on in the market.

The euro gained against the dollar, trading at a high of 1.4122 and a low of 1.3980. The GBP/USD pair also went up to trade at a high of 1.6067 and a low of 1.5932. In perhaps the biggest news of the day, the JPY/USD pair hit a 15-year low, trading at a high of 81.72 and a low of 80.89.

The Japanese yen also went up versus the dollar, with the USD/JPY pair trading at a high of 81.80 and a low of 81.20. As the US market continues to plummet, the USD/JPY has set 15-year lows as it reached 81.20. With that, the USD/JPY is expected to sustain a bearish momentum as it trades below 81.75. The Canadian dollar also posted gains versus the US dollar, with the USD/CAD pair trading at a low of 1.0000 and a high of 1.0105.

The British pound also strengthened versus the dollar. Many investors went for the British currency after news of the poor economic data from the US came out and the Bank of England set the bond holdings target at 200B pounds. The GBP/USD pair reached a low of 1.5823 and a high of 1.5966. The pair is still trying to breach the 1.6000 resistance level. Once it goes beyond this mark, the uptrend for the pair will continue.

Following the footsteps of the euro, the British pound also reached an 8-month high against the dollar. The Bank of England also has one of the lowest interest rates at 0.5%. Unlike other countries, it didn’t resort to buying more bonds just to support the economy. As long as the price reaches beyond the 1.575 level, the GBP/USD remains in a bullish momentum. The forex trading pair recorded a high of 1.6018 and a low of 1.5826.

The yen also recorded a 15-year high versus the dollar, amidst Fed Reserve’s plan of easing the monetary policy to bolster the US economic recovery. With a negative trend pulling the USD/JPY pair, it is still a bearish momentum for the dollar. The USD/JPY traded between 82.11 and 83.03.

Efforts to support recovery led to the euro reaching an 8-month high against the dollar. This movement is highly influenced by speculations that, along with the Bank of Japan, the Fed Reserve will also increase government debt purchases. In the end, the EUR/USD traded at a high of 1.3948 and a low of 1.3798. Cutting short its rally for the past few days, the British pound declined versus the dollar. The GBP/USD reached a low of 1.5832 and a high of 1.5940.

Though the Manufacturing PMI fell by 0.5 at 53.4, the British pound went up against the dollar. As the GBP/USD trades beyond the 1.5870 resistance level, the pair is expected to push higher. The GBP/USD reached a low of 1.5703 and a high of 1.5872

At first, it looked like the USD/JPY will touch a low level at 83, but in the end, the pair fluctuated to 83.5, staying at the same level as before. The Average Cash Earning fell to 0.0% from 0.8%, and the USD/JPY broke the 84.20 support level, which led to the negative momentum for the dollar. In the end, the USD/JPY traded at a high of 83.55 and a low of 83.15. As the Canadian dollar strengthened versus the US dollar, the USD/CAD pair reached a high of 1.0313 and a low of 1.0187.

Fears over the bailout of the Anglo Irish Bank turned out to be not as bad as expected. Fortunately, the Irish Bond Yields fell and helped obscure the news about the Spain’s Downgrade. The EUR/USD pair closed at 1.3640, after trading at a high of 1.3685 and a low of 1.3558.

The British pound moved up and down after making a strong rally in the opening. The EUR/GBP reached a new high for the month, while the GBP/USD traded at a high of 1.5925 and 1.5668 to close at 1.5725. The Japanese yen made gains versus the US dollar in the forex trading market to reach the Y83 level. Trading a narrow range, the USD/JPY traded between 83.15 and 83.82 to finally close at 83.50.

The British pound moved around the 1.5840 level, as the GBP/USD reached a low of 1.5718 and a high of 1.5895. In the UK, Net Lending to Individuals rose above the 0.4B forecast at 1.5B. The Nationwide HPI is expected to come out at -0.2% from -0.9%.

The Japanese yen went up against the dollar after the Asian stocks posted some losses, fueling risk aversion. After breaking the support level of 84.20, the momentum for the USD/JPY pair is negative. At the end of the forex trading day, the USD/JPY traded between 83.48 and 84.07.

The British pound also joined the euro on its rally against the dollar, after it finally reached a 6-week high to end the week. Though plagued by issues on the reported economic outlook by the Bank of England, the poor economic data from the US released last Friday obscured its implications. The momentum will continue to be bullish as long as the pound trades above the 1.5750 level. The GBP/USD closed at a low of 1.5641 and a high of 1.5844.

The dollar declined versus major currencies, including the Japanese yen, after reports of poor economic data last Friday and the implications of weaker economic recovery. The USD/JPY reached a low of 84.11 and a high of 85.39.