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May 15, 2021

The U.S Dollar index fell against the basket of six major currencies on pressured by the concerns over a global trade war

US Dollar reversing

The U.S Dollar index fell against the basket of six major currencies on Monday to end the session in the red territory at 94.67 pressured by the concerns over a global trade war after the United States, and Mexico reached a bilateral deal on NAFTA which it would lead Canada to rejoin talks.

The President of the U.S Donald Trump said on Monday that if the deal with Canada failed, the United States would impose tariffs on imported Canadian goods which it would affect the interest rate hike in Canada on September.

Investors’ conviction in the strength of the dollar is starting to wane, said TD Securities, citing the recent stream of news flow, including U.S. Federal Reserve Chairman Jerome Powell’s comments at Jackson Hole and recent developments in Washington.

Amid the lake in the economic news in the Eurozone, both the Euro and Great British Pound rose against the Greenback to end the trading session up at 1.1677 EURUSD, and 1.2891 GBPUSD benefited from weaker USD.

In terms of safe-havens, the greenback fell against the Japanese Yen and Swiss Franc to end the session in negative territory at 111.07 USDJPY and 0.9795 USDCHF while the prices of the precious metal rose on Monday to close the session up at 1211.20 XAUUSD.

Elsewhere in Canada, the Greenback fell against the Loonie to trade lower at 1.2967 at the close as the Canadian Dollar found support from higher crude oil prices as WTI rose on Monday to settle up at $68.90 a barrel.

In Asia, the Aussie and Kiwi rose against their U.S counterpart to finish Monday’s session on positive notes at 0.7349 AUDUSD and 0.6694 NZDUSD.

Regarding Cryptocurrencies, Bitcoin and Etherum rose against the U.S Dollar to end the session up at 6695.01 BTCUSD and 274.27 ETHUSD, while Litecoin ended the session flat at 56.13 LTCUSD.

Ali Hwary

Ali Hwary

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