US Dollar Slides as EUR Explores Upside
The US dollar fell against its major trading partners early Thursday, except for a gain versus the Canadian dollar ahead of economic data releases.
In a note, ING analyst Chris Turner said the euro has been doing a little better this week. The US dollar index (DXY) was a little softer yesterday – largely on the back of some strength in the euro.
There is a sense of fatigue in some of the Donald Trump trades, where this year’s U-turns on tariffs have made it a lot harder to reach definitive conclusions.
At present, analysts are waiting to hear if ‘reciprocal’ tariffs are coming this week, which could leave the likes of Korea, India, and Brazil the most exposed.
Weekly natural gas stocks inventory data will be released. A quick summary of foreign exchange activity showed that USDEUR rose to 1.0393 from 1.0392 at the Wednesday US close and 1.0376 at the same time Wednesday morning.
Eurozone industrial production declined more than expected in December according to data released earlier Thursday. The next European Central Bank meeting is scheduled for March 5-6.
GBPUSD rose to 1.2462 from 1.2446 at the Wednesday US close and 1.2454 at the same time Wednesday morning.
The UK’s gross domestic product growth rose more than expected in December from November and posted a modest year-over-year gain in Q4, while UK consumer sentiment slipped in February, according to data released earlier Thursday.
The next Bank of England meeting is scheduled for March 20. USDJPY fell to 153.8153 from 154.4230 at the Wednesday US close but was up from a level of 153.6341 at the same time Wednesday morning.
Japan’s producer price index rose as expected in January, lifting the year-over-year rate, according to data released overnight. The next Bank of Japan meeting is scheduled for March 18-19.
USDCAD rose to 1.4293 from 1.4284 at Wednesday US close but was below a level of 1.4297 at the same time Wednesday morning. There are no Canadian data on Thursday’s schedule. The next Bank of Canada meeting is scheduled for March 12. #US Dollar Slides as EUR Explores Upside#
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