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On Friday, safe-haven currencies, including the Swiss franc and the Japanese yen were set for decent profits versus the evergreen buck because traders cut their trading positions in risky assets following a volatile week and soaring worries about US-China trade clashes.
The Swiss franc found itself on track for its greatest weekly jump for nearly four months, adding 1.5% this week in thin year-end session, which has impacted risk appetite.
While the evergreen buck has generally held up quite well versus its counterparts for the last two weeks notwithstanding dwindling hopes for further interest rate lifts from the Fed in 2019. Friday's session saw market participants consolidating their trading positions.
As some financial analysts pointed out, it looks like a classic risk aversion trade in the foreign exchange market.
The Japanese yen managed to ascend by 0.7% coming up with an outcome of 110.23 versus the evergreen buck, while Switzerland’s currency strengthened by a similar margin.
A gauge of the purchasing potential of the US dollar versus its primary counterparts the USD index headed south by about 0.3% ending up with 96.22, having lose 0.5% overnight.
The broad environment appears to be more tentative for risk taking and the evergreen buck seems to be struggling due to volatile American equities, as some economists explained.
In addition to this, dismal economic data weighed too. As a matter of fact, Japan’s industrial output shrank last month partially reversing profits recorded in the previous month, pointing to headwinds for the world’s economy.
Aside from that, data also revealed consumer confidence at its weakest for more than three years in America, in addition to an unexpected sink in industrial gains in China. These are stark reminders for market participants of the deteriorating global surge outlook.
April seasonal patterns weren’t supposed to work, but somehow they did. Even a strong fundamental issue such as the global recession amid the coronavirus couldn’t overwhelm it. That’s why May seasonal patterns may work as well.
The first days of May suggest the month will be risk-off for the GBP/USD. Here is why.
UK Prime Minister was placed in the intensive care. As a result, the British pound plummeted dramatically today.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.
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