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May 16, 2021

U.S Dollar continued its losses on Tuesday Despite the ease of fears regarding the global trade war

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Despite the ease of fears regarding the global trade war, the U.S Dollar continued its losses on Tuesday as it declined against the basket of six major currencies to close the trading session in the red at 94.63.

in Eurozone, the Euro rose against the greenback to end the session in the green territory at 1.16937 EURUSD while the Great British Pound fell against the U.S Dollar to end the session lower at 1.28698 GBPUSD after the British Prime minister stated on Tuesday that a no-deal Brexit “wouldn’t be the end of the world” as she sought to downplay a warning from Chancellor Philip Hammond last week about the damage a no-deal Brexit will do the British economy.

In terms of safe-havens, the greenback rose against the Japanese yen to close Tuesday’s session on positive notes at 111.191 USDJPY while on the other hand, the U.S Dollar dropped against the Swiss Franc to finish the session lower at 0.97605 USDCHF. Regarding the precious metal gold prices declined to close lower on Tuesday at 1200.70 XAUUSD.

Elsewhere in Canada, despite the decline in oil prices on Tuesday, the Greenback fell against the Loonie to close down at 1.29310 while U.S crude oil fell to end the trading session on negative notes at $68.50 a barrel.

In Asia, the Aussie dropped against the Greenback to close down at 0.73359 while on the other hand, the Kiwi rose against its U.S counterpart to end the session up at 0.67078 amid the lake in economic or political news in the area.

On cryptocurrency pace, the Bitcoin, Litecoin and Ethereum rose against the U.S Dollar to end the session in the green territory at 7059.21 BTCUSD, 61.05 LTCUSD and 291.76 ETHUSD.

In political news, Turkish Finance Minister said on Tuesday that, U.S. trade sanctions against Turkey could destabilize the Middle East, the Turkish Lira fell by 1 percent against the U.S Dollar on Tuesday.

 

 

 

Ali Hwary

Ali Hwary

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