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Posts Tagged ‘Foreign Exchange trade’
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.
Dollar Trades with Mixed Results
Against most of the forex trading currencies, the dollar remained mostly the same, although the dollar traded with mixed results. This was due to the anxiety felt about the anticipated NFP data. As for the Initial Jobless Claims, it was worse than the expected, at 479k versus the anticipated 455k. The Unemployment Rate is anticipated to go up from 9.5% to 9.6%. The US stock markets posted negative results, with NASDAQ going down by -0.46%, and Dow Jones plummeting by -0.05%. Gold remained unchanged at $1,194.65 per ounce. Crude oil also went down a bit, but was able to trade above the $82-per-barrel rate.
Amidst strong volatility issues, the euro was able to gain a bit against the dollar. The Interest Rate remained unchanged, which is anticipated at 1%. The German Factory Orders posted better results than the expected rate, which was 3.2% versus the anticipated 1.5%. The EUR/USD exchanged at a high of 1.3235 and a low of 1.3118.
Strong Economic Data Help Steady the Dollar
After posting losses against most of the majors for a number of consecutive days, the US dollar has gotten some help from strong economic data. On August 5th, the US dollar was supported by better than expected ADP Non-Farm Employment Change, which came out at 42k, a whopping 17k improvement over the expected 25k. As a result of these positive data, the US stock markets were able to post gains as NASDAQ strengthened by 0.88% and Dow Jones strengthened by 0.41%. In the forex trading market, the dollar traded mixed against the major currencies, a welcome change from the past week of posting losses against most majors.
Both the euro and the British pound weakened against the dollar. The EUR/USD pair traded at a high of 1.3239 and a low of 1.3130. The GBP/USD pair traded at a high of 1.5962 and a low of 1.5854. The dollar marked a new low against the Japanese yen, but was able to recover to surpass the 86 level. The USD/JPY pair traded between 85.31 and 86.37.
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