Evergreen buck goes down as oil surge backs commodity currencies

Evergreen buck goes down as oil surge backs commodity currencies

On Tuesday, the evergreen buck was suppressed by a combination of downbeat American economic data as well as gains for commodity-linked currencies, including the Australian and Canadian dollars that lent support from an extended ascend in crude prices.

Assessing the greenback’s purchasing potential versus a number of its key rivals the USD index slumped by 0.05% hitting 97.001 having dived by 0.35% yesterday, thus marking its most impressive daily tumble since March 20.

On top of the pressure from buoyant commodity-linked currencies, the evergreen buck dollar was suppressed by data disclosing that American durable goods orders went down in February and a rebound in the common currency as traders squared positions ahead of a looming ECB meeting.

The recent rebound in American yields failed to provide much lift for the evergreen buck as they are still at low levels.

As a matter of act, the 10-year Treasury yield rebounded to 2.52%, drifting further away from a 15-month minimum of 2.34% recorded at the end of March. By the way, the yield was still considerably below its recent maximum of 2.8% recorded in early March.

As for the Canadian dollar, it was nearly intact, showing C$1.3312 per dollar having soared by over 0.5% overnight.

Additionally, the Australian dollar stood still, sticking with $0.7128 having rallied by 0.3% yesterday.

Crude prices have tacked on to five-month maximums on hopes that global supplies would tighten because of fighting in Libya, American sanctions against Venezuela and Iran, and OPEC-led cuts.

Aside from that, the Norwegian kroner managed to hold its gains, demonstrating 8.543 per dollar having surged by 0.7% yesterday on higher crude.

The common currency didn’t change, ending up with $1.1265 having rallied by 0.4% on Monday.


What to Trade on August 29 - September 2?
What to Trade on August 29 - September 2?

Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.

Latest news

FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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