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US Dollar continues to lose ground against other major currencies this week as some weak economic data from US contributed to this downfall with New Zealand Dollar gaining 1.8% and was the strongest against major currencies. While any chance of an earlier rate hike is now diminished we could see further weakening of US Dollar in coming weeks. GBPUSD is also showing sings of strength and currently testing important resistance level at 1.5500.
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DAY 19 - AGGRESIVE BUYING OF USD BEFORE FOMC MINUTES
We have seen lot of buying interest on USD today mainly due to strong housing market numbers in US and weaker Eurozone and U.K. data, as a result EUR & GBP dropped to fresh multi-month lows. The outlook for the U.S. economy leaves a lot to be desired but at the end of the day, dimmer prospects abroad is making the dollar and U.S. assets more attractive to foreign investors.
Consumer price growth rose less than expected but housing starts and building permits rebounded strongly in the month of Ju…
Consumer price growth rose less than expected but housing starts and building permits rebounded strongly in the month of Ju…
US Dollar Outlook: Further Weakness Ahead?
The U.S. dollar traded lower against all of the major currencies this past week on the lack of consistently positive data. Big disappointments in GDP and a steep decline in durable goods raised concerns about the strength of the U.S. recovery. The majority of market participants don’t expect the Fed to raise interest rates until the second half of next year but after this week’s reports, the odds of a rate hike in June 2015 fell to 50% from 60% a week ago.
Non-Farm payrolls are scheduled for re…
Non-Farm payrolls are scheduled for re…