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Dollar Ceases to Push through with Its Rally
At the end of the week, the dollar ceased to push through with its rally against the major currencies. On August 13 forex trading day, the dollar posted some mixed results versus some of the major currencies. There are disappointing economic data that came out that day like the Import Price Index, which fell to 0.2% versus the 0.4% forecast and the Initial Jobless Claims, which came out worse than the anticipated 465K at 484K. The stock markets didn’t fare any better with Dow Jones declining by -0.57% and NASDAQ tumbling by -0.83%.
The EUR/USD pair traded between 1.2780 and 1.2931. It weakened against the dollar but was able to recover after falling below the 1.28 zone. The Industrial Production Date resulted in -0.1%, worse than the anticipated 0.7%. The British pound also weakened against the dollar after trading below its support level of 1.5560. It then recovered and traded around the 1.56 zone. The GBP/USD pair traded with a low of 1.5559 and a high of 1.5712. The dollar gained against the Japanese yen, as the USD/JPY pair traded at a high of 86.17 and a low of 84.92.
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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