1. Hello Guest Click here to check FX Binary Point Financial Directory

US Dollar under pressure across the board

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 25, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Bali) - Today's US Dollar performance during Asia is a re-play of what we witnessed during the same time last Tuesday, with broad-based weakness in the currency dominant ahead of US Thanksgiving on Thursday, with weakness not being attributed to any particular fundamental drivers.

    USD pressured in Asia

    EUR/USD has surged all the way to 1.0675, after a successful buying campaign originated sub 1.0650 as Tokyo traders came online. Meanwhile, USD/JPY is in the midst of breaking a key support area at 122.30, while the Aussie is re-testing recent session highs at 0.7275.

    Aussie underpinned by base metals

    As per inter-correlated markets, gold has taken-off towards 1,080.00, threatening a re-test of yesterday's high at 1081.50. Copper is consolidating recent solid gains circa 2.067. The metal-base performance continues to support the upside in the Aussie.

    Plenty of US data today

    Looking ahead, the next US session is packed with data ahead of the Thanksgiving break. As David Fritz, FX Strategist at Nomura, notes: "Durable goods, personal income and spending, PCE deflator, University of Michigan consumer sentiment, and new home sales will all be released on Wednesday. Previously reported data on manufacturing and production suggest that manufacturing activity could stabilize soon, and, given the data, our economists expect durable goods orders to have risen by 1.6% in October. Personal income likely grew at a strong pace in October, based on NFP growth during the month, with our economists looking for a 0.6% rise."
    For more information, read our latest forex news.

Share This Page