On Friday, the evergreen buck declined versus its counterparts due to the fact that Fed Vice Chairman Richard Clarida expressed concerns as for global surge and came up with quite dovish remarks on monetary policy…
Greenback might conclude fourth consecutive week up
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.
On Friday, the UK currency managed to inch up notwithstanding worries over Brexit as well as the resignation of major statesmen in Prime Minister Theresa May’s cabinet…
On Thursday, the evergreen buck surged versus its counterparts because mostly bullish economic data managed to reaffirm investor hopes that the American economy is still on firm footing, while a dive in the UK currency also backed sentiment…
Did Bitcoin manage to recover and what was the hottest news in the crypto and blockchain world? Read and find out!
On Monday, Asian stocks traded mostly higher, with Shanghai bucking the trend because centrist Emmanuel Macron fully matched opinion survey hopes and left anti-EU far-right nominee Marine Le Pen behind…
Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…