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USD melts down at end of quarter: EUR and GBP

The curtain is coming down on the month of June, the second quarter and the first half of 2014. And with the summer heat in the northern hemisphere, the US dollar is melting down.

EUR/USD is above the pre-ECB highs and GBP/USD is at a new multi-year high. Is this due to a last minute scramble which often happens at these kind of dates or is the dollar weakness here  to stay?

The move comes despite a jump of 6.1% in US pending home sales, well above expectations. The Chicago PMI came out below expectations, but was not too bad.

Here is EUR/USD at the highest since May 22nd:

EURUSD highset in 6 weeks end of quarter fixings June 30 2014

More: Half-Way Point of 2014: Steady Melt-Up Prevails

And here is GBP/USD, braking above the previous 1.7063 high seen a few weeks ago – the previous high was already the highest since 2008.

GBPUSD June 30 2014 highest since 2008 closer to 1 71 cable forex tradingMore pound:  GBP/USD Continues Upside Push


Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.