U.S Dollar index firmed as the market called Trump’s threats a bluff

U.S Dollar index firmed as the market called Trump’s threats a bluff

August 31, 2018 Off By Yhumi Tsun

Supported by the positive economic data in the United States, the U.S Dollar index firmed against the basket of six major currencies on Thursday to end the session in the green territory at 94.69. The market was not affected by trumps threats to launch a full-blown trade war against China  Hitting them with tariffs on pretty much everything.

Regarding the economic data in the U.S the U.S. Initial Jobless Claims which measures the number of individuals who filed for unemployment insurance for the first time during the past week. Came at 213,000 slightly better than expectations which showed a 214,000 but below the previous reading of 210,000 while the personal spending for July came in line with expectations of 0.4 percent increase.

Moreover, 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 fell against the greenback to end the session lower at 1.1670 EURUSD, as the German unemployment changed decreased by 8,000 which is as was expected.

Furthermore, the Great British Pound failed to maintain its gains against the U.S Dollar to end Thursday’s trading session in the red at 1.3004 after the cable found support from the European Union negotiator Michel Barnier which 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 fell against the Japanese yen to close the session lower at 110.96 USDJPY moreover the dollar continued its fall against the Swiss Franc to finish the session on negative notes at 0.9688 USDCHF.

The precious yellow metal fell on Thursday versus the U.S dollar to close at 1199.75 as the Greenback found support from positive economic data.

Elsewhere in Canada, the Greenback rose against the loonie to end the session higher at 1.2980 the Canadian Dollar retreated from against the greenback, which had followed optimism over a U.S.-Canada agreement on the NAFTA.

In Asia, the Aussie fell against the Greenback to close the session in the red at 0.7262 AUDUSD while the Kiwi dollar also fell against its U.S counterpart to end the session up at 0.6654 NZDUSD.

In Cryptocurrencies pace, Bitcoin, Litecoin, and Ethereum dropped against the Greenback to finish down at 6888.2 BTCUSD, 58.16 LTCUSD, and 282.26 ETHUSD.