Forex Signals | US Dollar Up, But Friendless
US Dollar Up, But Friendless
FxPremiere.com — FX Signals | The dollar was up on Friday morning in Asia but slid through major support levels and was headed towards its worst week in a month.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged up 0.15% to 89.817 by 9:24 PM ET (2:24 AM GMT).
The dollar was down 1.2% for the week so far and has fallen 12.7% from a three-year peak in March, falling to 89.862, just above a two-and-a-half year low seen on Thursday, earlier in the session. With investors turning to risky assets throughout the week, the dollar saw multi-year lows against the euro, pound, AUD, NZD and Canadian dollar.
News about vaccine rollouts, as well as progress on both Brexit trade talks and the latest U.S. stimulus measures only increased bearish sentiment over the past week, after short positions in the dollar shot up to just below nine-year highs during the previous week.
Some investors remained pessimistic about the dollar’s prospects.
Dollar Edges Higher; Sterling Expects Brexit Progress
“It’s a perfect combination that is besieging the dollar at the moment,” National Australia Bank (OTC:NABZY) senior currency strategist Rodrigo Catril told Reuters, with U.S. rates anchored low and better returns expected elsewhere.
The USD/JPY pair edged up 0.18% to 103.29.
The AUD/USD pair edged down 0.12% to 0.7611.
The NZD/USD pair inched down 0.06% to 0.7144. The NZD rose to a two-and-a-half year high of $0.7170 Thursday after New Zealand released better-than-expected national growth data.
The country’s GDP grew 14% quarter-on-quarter during the third quarter, exceeding the 13.5% growth in forecasts prepared by Investing.com and the 11% contraction reported for the second quarter.
FX Signals | Euro Shrugs Off Strong Growth
“If we get a U.S. fiscal deal and a Brexit deal before Christmas, there will be nothing stopping the NZD,” ANZ analysts said in a note.
The USD/CNY pair edged up 0.12% to 6.5397.
FOREX — U.S. Dollar Down Amid Improved
The GBP/USD pair was down 0.24% to 1.3550. However, some investors were betting that the warnings are just more brinkmanship on the way to a deal.
Forex Signals — Dollar Edges Higher
Elsewhere in Europe, the Norwegian crown surged 1.4% higher on Thursday. Norges Bank kept interest rates unchanged in its policy decision handed down on the same day, but said that a COVID-19 vaccine-driven economic recovery could prompt rate hikes early in 2022 or even sooner.
Pound to US Dollar Exchange Rate
Dollar Up, But Friendless as it Heads Towards Worst Week in a Month
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US Dollar Up, But Friendless
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US Dollar Up, But Friendless
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