The level of GDP growth for Canada will be published on June 28, at 15:30 MT time.
Forex today: why is the USD falling?
The dollar index is weakening today. There were several reasons for that. Let’s look.
- First of all, the new White House economic adviser Larry Kudlow announced that Mr. Trump will support a strong dollar, however, he also noticed that it will be a tougher policy in regard of China.
- Secondly, the US retail sales’ data was released yesterday. Although the figure was the same as in the previous month, it appeared lower than the forecast. As the retail sales were the last indicator before the Fed’s policy decision next week, a question on the more hawkish mood on future increases is still open.
- As the result of uncertainties about the Fed’s policy, Treasury yields fell.
- The yen is rising against the US dollar for the second day. The pair fell to 105.78 but could climb and now it is trading near 106. According to Fibonacci retracements, the support lies at 105.60.
- Despite a weaker data of the New Zealand GDP growth, the kiwi is rising. The falling US dollar is supporting this rise. The pair is trading around 0.7320.
- USD/CHF is standing still ahead of the announcement of the Swiss interest rate and the monetary policy assessment at 10:30 MT time. No changes in rate are anticipated, however, the Swiss National Bank can give some comments on the future monetary policy.
- Yesterday the euro declined to the support level at 1.2360 but could not break it that led to the slight strengthening of the euro. It is trading a few points above the support. However, no important data will be released today, so there is a chance that EUR/USD will break the support and fall further.
- Bitcoin is falling. The cryptocurrency plunged to $7,666. Now it is a little bit higher trading quite above $7,700. The support lies at $7,150, not so far for bitcoin price’s speed.
- There are no big movements of the other currency pair.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Monday, gold declined because the evergreen buck managed to gain early traction, thus putting pressure on the most popular precious commodity, which has been sticking with the year’s minimums…