US Dollar Slides Against Euro, Sterling Shifts Amidst Concerns
The US dollar slid against the euro and Japanese yen but rallied versus British sterling on Friday in the forex markets amidst a twist in global trade. The exchange rate was quoted at 1.0961 dollars per euro. This week the euro gained 1.23% versus the dollar.
The greenback also lost against the Japanese yen in the global currency market, quoted at 146.99 Japanese yen per dollar on Friday. This week the dollar lost 1.90% vs. the Japanese yen.
After the U.S. slammed a 10% tariff on the UK, the British pound retreated, settling at the exchange rate of 1.2896 dollars per British pound. This week the British pound lost 0.35% vs. the dollar amidst expectation in the UK that higher tariff could costs the economy 1% of the GDP.
A quick summary of foreign exchange activity heading into Friday showed that USDEUR rose to 1.1028 from 1.1026 at the Thursday US close but was below a level of 1.1075 at the same time Thursday morning.
The Eurozone’s construction purchasing managers’ index rose in March but still indicated contraction in the sector, according to data released overnight. The next European Central Bank meeting is scheduled for April 16-17.
GBPUSD fell to 1.3013 from 1.3081 at the Thursday US close and 1.3150 at the same time Thursday morning. UK construction PMI rose in March but remained below the breakeven point while UK passenger car registrations increased in March, according to data released earlier Friday.
The next Bank of England meeting is scheduled for May 8. USDJPY fell to 145.0326 from 146.2660 at the Thursday US close and 146.7186 at the same time on Friday. Some FX market analysts predicted that the yen is poised to close stronger despite the U.S. global trade war threat.
Japanese household spending rebounded in February, but the year-over-year rate turned negative, according to data released overnight. The next Bank of Japan meeting is scheduled for April 30-May 1.
USDCAD fell to 145.0326 from 146.2599 at the Thursday US close and 146.7187. The next Bank of Canada meeting is scheduled for April 16. #US Dollar Slides Against Euro, Sterling Shifts Amidst Concerns CUTIX Gains 30% on Earnings Forecasts, Unusual Trade Volume
