The US Dollar flatlines on Wednesday after two days of losses. Markets measuring the impact of the 10% levy over Chinese goods President Trump announced on Tuesday. The US Dollar Index (DXY) tests the 108.00 mark and is set to head to the lower end of 107.00.
EUR/USD trades listlessly near 1.0400 in the European session on Thursday. The pair stays defensive as US President Trump has threatened to impose tariffs on the Eurozone. Further, ECB rate cut expectations also weigh on the major alongside fresh US Dollar demand ahead of US data.
GBP/USD has come under renewed selling pressure and battles 1.2300 in the European trading hours on Thursday. The pair meets supply as the US Dollar stabilizes and traders digest US President Trump's tariff talks, gearing up for the mid-tier US economic data later in the day.
The Japanese Yen drifts lower for the second successive day against its American counterpart. A further recovery in the US bond yields underpins the USD and supports the USD/JPY pair. Traders now look to Trump’s speech for a fresh impetus ahead of the BoJ decision on Friday.
Gold price (XAU/USD) remains depressed through the first half of the European session on Thursday and for now, seems to have snapped a three-day winning streak to its highest level since early November touched the previous day.
WTI price depreciates due to uncertainty surrounding the impact of President Trump's proposed tariffs and energy policies. API Weekly Crude Oil Stock rose by 1 million barrels in the previous week. Trump threatened to impose "high levels" of sanctions and tariffs on Russian imports.
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When I write the Online Trading Academy Forex newsletter, I give my opinion about what I believe is happening to the currencies of the world based on the news I hear, the experts I follow, and my personal experiences of the economic cycles I have seen in the past. This fundamental information helps me understand what reports and indicators the economists of the world believe will shape future events.
Have you watched the US Dollar Index (USDX) Futures contract trade during the day? Do you notice that with each price change the intervals are always a minimum tick of .005? And then at the end of the day when you look at your daily candle of the USDX you see a closing price like 97.197.
Over the last few months especially, there’s been a lot of focus in the world of Currency Trading upon the state of the US Dollar. No matter what your opinion is of the Greenback, it is still, without question, regarded as the world’s primary reserve currency and holds its weight of recognition across the board.
