March 15, 2013 ForexLive Americas Wrap: Consumer Sentiment Crumbles

Forex headlines from the US trading session:

U Mich consumer sentiment falls to lowest since Nov 2011
BOE's King sees case for more asset purchases
US CPI 2.0% y/y vs 1.9% exp
Empire Fed 9.24 vs 10.0 exp
Canada existing home sales -2.1% y/y
US Feb industrial production +0.7% vs +0.4% exp
BOE's Dale: headwinds have started to ease

USD/JPY suffered its worst loss since February. A round of profit taking and stop loss selling was at work, knocking the pair as low as 95.08 from 96.10 at the start of US trading.

GBP/USD topped out at 1.5177 at the start of US trading and it was all downhill from there as fresh shorts entered the fray ahead of resistance at 1.5200. Selling accelerated after King mentioned more QE.

USD/CAD touched 1.0180 right at the start of the session but bounced on worries about Canadian housing and then languished around 1.0190.

The Australian dollar flirted with some important levels after breaking 1.04. The close looks to be just below the 100-day moving average at 1.0413.

Gold took a run at $1600 but fell just short and has pared back to unchanged on the day at $1591.