Forex Signals — US Dollar Up After COVID-19 Recovery

May 21, 2020 in Forex Signals Market News

Forex Signals US Dollar Up After COVID-19 Recovery The dollar was up on Thursday.

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Almost everywhere, policy makers are continuing to stress that whatever resources are required will be made available,” ANZ analysts said in a note.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies slipped 0.24% to 99.370, just under the $100 mark, by 12:07 AM ET (5:07 AM GMT).

The USD/JPY pair was up 0.11% to 107.62. Japan’s Ministry of Finance said that the country’s April exports took a 21.9% dive year-on-year. Analyst forecasts prepared by Investing.com predicted a 22.7% drop. The AUD/USD pair slid 0.54% to 0.6562 and the NZD/USD pair dropped 0.29% to 0.6124.

The USD/CNY pair was up 0.18% to 7.1056, even after a fresh aim from the U.S. at China’s handling of COVID-19 overnight.The GBP/USD pair dropped 0.13% to 1.2200 after the release of inflation data fueling continuous speculation that the Bank of England would introduce negative rates.

The S&P 500 (SPX) is up about 35% from its March lows and the Australian dollar has rallied about 20% since then. Japan’s flash purchasing managers’ index on Thursday showed manufacturing activity slumping again in May.

Overnight, traders interpreted economic outlook downgrades in the U.S. Federal Reserve’s April meeting minutes as likely to herald more stimulus, pushing stocks higher.

“(It) keeps the debate about negative rates alive and kicking,” said Kit Juckes, macro strategist at Societe Generale (OTC:SCGLY).

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Originally published at https://www.fxpremiere.com on May 21, 2020.