U.S Dollar index dropped despite the positive economic data

U.S Dollar index dropped despite the positive economic data

August 30, 2018 0 By Ali Hwary

Despite the positive economic data in the United States, the U.S Dollar index dropped against the basket of six major currencies on Wednesday to end the session in the red territory at 94.44 pressured by stronger Great British Pound.

Regarding the economic data in the U.S the quarterly GDP remained steady at 3.2 percent while analysts expected a decline of 0.2 percent, the Annual GDP came better than expected by 0.2 percent as it rose from 4.1 percent to 4.2 percent during the second quarter.

Furthermore, the core Personal Consumption Expenditure QOQ came in line with the expectations as it remained flat at 2 percent.

In the Eurozone, the Euro rose against the greenback to end the session up at 1.17065 EURUSD, while the Great British Pound rallied against the U.S Dollar to end Wednesday’s trading session in the green territory at 1.30248 GBPUSD after the European Union negotiator Michel Barnier stated that the bloc was prepared to offer a partnership with Britain such as has never been with any other country.

In terms of Safe-havens, the greenback continued its gains against the Japanese yen to close the session higher at 111.673 USDJPY while it fell against eth Swiss Franc to finish the session on negative notes at 0.97047 USDCHF. Regarding the prices of the precious metal, gold’s prices rose on Wednesday to settle up at 1206.35 XAUUSD.

The Japanese Yen was pressured by lower than expected Consumer Confidence data in the country where the monthly Consumer Confidence Index fell from 43.5 to 43.3 while analysts expected a decline by only 0.1.

Elsewhere in Canada, the Greenback fell against the loonie to end the session lower at 1.29029; the Canadian Dollar was boosted by the increase in oil prices where U.S Crude oil rose on Wednesday to end the trading session in the green at $69.68 a barrel.

In Asia, the Aussie fell against the Greenback to close Wednesday’s trading session in the red at 0.73095 AUDUSD while the Kiwi rose against its U.S counterpart to end the session up at 0.67130 NZDUSD.

In Cryptocurrencies pace, Bitcoin, Litecoin, and Ethereum dropped against the Greenback to finish down at 7017.41 BTCUSD, 60.21 LTCUSD and 287.52 ETHUSD.

Share the News