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Session Recap: Dollar makes fresh highs in quiet trade

FXStreet (Córdoba) - A quiet and fairly uneventful session has seen the US dollar reaching fresh highs versus major rivals.

Adding to market cautious tone and dollar strength was a San Francisco Fed study suggesting that low volatility across financial markets may signal investors are underestimating how quickly US interest rates will rise.

Meanwhile, focus remains on the Scottish independence referendum as the ‘yes’ vote continues to get momentum according to latest polls.

EUR/USD broke below 1.29000 during the Asian session and it stretched to a fresh 14-month low of 1.2859 at the beginning of the European trade. GBP/USD printed a 10-month low of 1.6063 before recovering slightly helped by better-than-expected UK IP data.

USD/JPY reached a fresh 6-year high of 106.38, while the AUD/USD slump found support at the 0.9250 area.

During the New York session, watch for the NFIB Business Optimism Index and the Redbook index. Meanwhile, NIESR will release its UK GDP estimate.

Main Headlines in Europe:

What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank

Implications of Scotland leaving the UK - ING

Gold consolidates near 3-month lows

UK: Annual Industrial Production rises 1.7% in July

European stocks extend pullback

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