Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Greenback inches down
On Wednesday, the evergreen buck slipped versus a pack of crucial currencies, diving for a second day in a row because trade clashes receded, while the British currency hovered over one-year minimums, pushed down by everlasting Brexit uncertainty.
Assessing the purchasing potential of the main American currency versus its primary rivals, the USD index hit a minimum of 94.82 having dived by 0.2% the day before. Apparently, the previous week the USD index achieved the highest value for almost a year, underpinned by soaring American interest rates as well as worries over the influence of trade conflicts.
The recent ascend in the evergreen buck has receded because worries over global trade tensions weakened, thus affecting safe haven demand for the US currency.
Trade tensions were still in focus after on Tuesday the current US presidential administration told that it’s geared up towards slapping 25% duties on another $16 billion of Chinese products later this month.
The given move appears to be the latest by the US government to force China to start negotiating trade concessions after it had slapped duties on $34 billion of products in July, this driving promises from the Asian country to adequately respond.
The evergreen buck inched down versus the Japanese yen. The currency pair USD/JPY dipped by 0.38% being worth 110.96 ahead of the anticipated bilateral trade negotiations between Japan and the United States on Thursday in Washington.
Japan’s currency gained momentum versus the common currency too. The currency pair EUR/JPY dived by about 0.46% reaching 128.61.
The common currency edged down a bit versus the evergreen buck. The currency pair EUR/USD inched down by 0.1% trading at 1.1586.
The common currency edged up to its highest value since November versus the UK pound. The currency pair EUR/GBP leapt by 0.17% showing 0.8975.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.