The dollar fell after on large flows by central banks to diversify reserves, favoring counter currencies such as the Euro, GBP, AUD, NZD and CAD. Much of public money has not catalyzed this trend, however, the all time tradable high target of 1.3670 remains reachable. USDJPY moves lower as Standard & Poor’s upgrades Japan’s debt rating, pushing the Yen higher in early trading. Gold hit 11-month high of $694/oz as precious metals ride upwards as the dollar bear market continues. (more…)
The Dollar dropped to a record low against the Euro on Friday after the weakest reading of US economic growth in 4 years suggested the economy could be at danger of falling behind the rest of the world. US GDP growth slowed to only 1.3% annualized in Q1, from 2.5% in the final quarter of last year. Consensus was 1.8%. For the first time singe its launch in January 1999, the Euro rose at 1.3681 high. At Friday close, EurUsd rose to 0.46% at 1.3656. Many analysts and money managers said the falling Dollar is part of a long-term trend that is not about to end. EurJpy also rose to a record high of (more…)
US home sales rose to 2.6% at 858k units, however still below the market expectation of 888k units. Softer economic figures now could point to a possible rate cut by the Fed at the end of the year. Also, the Reserve Bank of New Zealand hiked rates 25 basis points to 7.75% (more…)
The Dollar rose broadly on Thursday after testing near-record low against the Euro for two consecutive sessions, but sentiment remained negative ahead of US economic growth data due on Friday. Investors are still expecting the Federal Reserve will cut interest rates at least once this year, compared with forecast for higher rates in the Euro-zone and United-Kingdom, among others. Japanese Core Consumer Prices in March reinforced expectations that the Bank of Japan will take its time to raise interest rates further. The BoJ left the overnight call rate unchanged at 0.5% at a policy meeting this (more…)
