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On Friday, the evergreen buck consolidated its achievements. It’s generally anticipated to conclude the fourth consecutive week in positive territory amid soaring optimism about the prospects for the surge of the American currency in the nearer weeks.
The US dollar index, tracking the dynamics of the greenback against a group of six key counterparts, showed 92.55, which is 0.1% lower than the previous reading, further drifting away from the maximum of four and a half months of 93.42 recorded in Wednesday.
The evergreen buck is ready to conclude the fourth consecutive week in positive territory – it will be the longest series of weekly leaps since the fourth quarter of 2016. For the last month, the US currency has ascended by approximately 4%.
Analysts of Bank of America state that the main catalyst for the surge of the evergreen buck was the lack of improvement in the economic indicators of the eurozone, which made traders open a record number of short positions in the US currency, in particular, against the currencies of developing countries.
According to data on positioning in foreign exchange markets, hedge funds cut the volume of net short positions in the evergreen buck by $10 billion to approximately $18 billion for the week ended May 4.
Trades in the currency markets on Friday are generally calm, with most of the key currency pairs traded in quite narrow ranges.
The common currency managed to strengthen about 0.15% hitting $1.1934, having come down from this year’s minimum of $1,1823, hit on Wednesday.
The evergreen buck remained virtually intact against the Japanese yen, trading close to the 109.28 yen mark having soared to a three-month peak of 110.05 the previous week.
As for the Australian dollar, it got back to $0.7552 having dived on Wednesday to an 11-month minimum of $0.7413.
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On Wednesday, the Japanese yen headed south versus its major peers because investor risk appetite improved during Asia trade, although worries over decelerating global surge and US-China trade clashes will probably cap gains in risky assets…
On Tuesday, the evergreen buck managed to stabilize in Asia because the International Monetary Fund had its 2019 as well as 2020 global surge forecasts cut overnight…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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