This is the most important news in the Forex market today.
Greenback is nearly intact notwithstanding dive on Wall Street
On Wednesday, the evergreen buck stood still notwithstanding a dive in American equities overnight. As for key currencies, they were intact too.
Estimating the purchasing power of the American currency against a number of its rivals the USD index lost nearly 0.03% trading at 96.67.
As a matter of fact, the Dow Jones Industrial Average went down by 551.80 points concluding at 24,465.64. Besides this, the S&P 500 slumped by about 1.8% concluding the trading session stateside at 2,641.89. As for the Nasdaq Composite, it declined by approximately 1.7% showing 6,908.82.
Besides this, the Dow along with the S&P 500 erased their profits for this year and they’re currently down by respectively 1% and 1.2% for the year.
As some financial analysts pointed out what's driving the foreign exchange market now are worries of a deceleration in the economic surge. Safe haven currencies, including the greenback and yen, will most probably benefit from this.
Although not a directional driver, American leader kept pressuring the Fed on Tuesday, telling that Interest rates were extremely high. Donald Trump told that the country currently has a problem with the Federal Reserve and this issue is far more serious than anything else.
Besides this, the safe-haven yen slumped a bit versus the evergreen buck because Japanese investors preferred to keep their funds in American as well as foreign markets. The currency pair USD/JPY ending up with 113.00, soaring by up to 0.05%.
Besides this, the currency USD/CNY was intact showing 6.9461.
As for the currency pair GBP/USD, it stood still sticking with 1.2793. Investors actually expect the UK currency to trade sideways until the foreign exchange market gets more clarity on progress in the Brexit agreement.
What’s more, AUD/USD and NZD/USD both rallied by up to 0.3%.
During today's press conference, the ECB president said that the data was "somewhat" better than the expectations in the first quarter. T
Australia will release the level of employment change and unemployment rate on June 13, at 4:30 MT time.
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…