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Posts Tagged ‘Foreign currency trading’
Good Economic Data Leave the Dollar in a Mix
In the US, the dollar traded mixed against many of the majors. Backed by positive economic data in the US, forex trading investors were more willing to go for higher yielding currencies. In the US, Initial Jobless Claims came out better at 451K instead of the projected 470K, and the Trade Balance also came out better at -42.8B instead of the expected -47.2B. The NASDAQ increased by 0.33% and the Dow Jones increased by 0.27%. Crude oil fell to close at $75 per barrel and gold fell to close at $1,243.4 per ounce.
The worse than expected Trade Balance data caused the British pound to fall against the dollar as the GBP/USD pair traded at a low of 1.5374 and a high of 1.5476. The euro showed promise after shooting up to the 1.2770 resistance, but it fell back down as the EUR/USD pair traded at a low of 1.2663 and a high of 1.2765. As for the Japanese yen, the USD/JPY pair traded with a low of 83.48 and a high of 84.11.
Dollar Goes up vs. Most Forex Majors
Due to the response to the FOMC Meeting Minutes, the USD was able to go up against most forex trading majors. During the FOMC meeting, the members shared
different opinions regarding the reinvestment of FED’s profits back into treasuries. In the meeting, the members expressed that doing so might send a bad message to the investors. The CB Consumer Confidence was at 53.5, which was better than the anticipated 50. As for the Chicago PMI, it came out at 56.7, which was worse than the anticipated 57.5.
The stock market posted mixed results; NASDAQ went down by -0.28%, while Dow Jones went up by 0.05%. Crude oil traded at $71.80 per barrel, going down by more than -3%. Gold traded at almost $1,250 per ounce. The ISM Manufacturing Index is anticipated to go down from prior 55.5 to 53. The ADP Nonfarm Employment Change is anticipated to go down from 42k to 13k. As for the other majors, the GBP/USD pair exchanged at a high of 1.5472 and a low of 1.5325. The EUR/USD pair exchanged at a high of 1.2742 and a low of 1.2625.
Dollar Still a Safe Zone for Investors
Ever since the middle of last week, the dollar has shown some stability in the forex trading market, especially since many of the other major currencies have been quite risky. To begin the week on August 16th, the dollar continued to be a safe zone for investors, causing the greenback to gain against some of the majors. These gains are largely due to the continuation of economic recovery in the US, while other countries are struggling with poor economic data. However, Dow Jones and NASDAQ both went down, and landed at 0.16% and 0.77% respectively.
Ever since last week, the euro has been weakening against the dollar, and it hit a three-week low to begin this trading week. The EUR/USD traded at a high of 1.2906 and a low of 1.2749. The pound also continued its decline against the dollar as the GBP/USD forex currency pair traded at a high of 1.5679 and a low of 1.5572.
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