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May 16, 2021

The U.S dollar tumbled against other global currencies on Thursday after the United States and China announced new import tariffs

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The U.S dollar tumbled against other global currencies on Thursday, with a resurgence in global risk appetite after the United States and China announced new import tariffs this week that were less harsh than expected curbed safe-haven demand for the greenback.

Moreover, recent solid U.S. economic data and a likely rate hike by the Federal Reserve next week are already priced in, with dollar bulls are struggling for a new catalyst to push the greenback higher.

Next week, the Federal Reserve is widely expected to hike benchmark borrowing rates and shed more light on its future rate outlook.

Moreover, the greenback has been a significant beneficiary of mounting trade-related tensions between the U.S and China in recent months, as investors bet it would gain at the expense of emerging market currencies.

Meanwhile, British Pound and Euro Traders also kept an eye on Brexit-related news out of Salzburg, Austria, where British Prime Minister Theresa May was meeting with European Union leaders at a summit, where European leaders cautioned British Prime Minister Theresa May that she needs to give guarantees on the Irish border before they will grant her the Brexit deal she wants.

The U.S dollar index which measures the greenback’s strength against a basket of major currencies dropped by 0.68 percent to settle at 93.9 at the close.

In Europe, the single currency jumped by 0.90 percent versus the greenback on Thursday to trade at 1.17763 EURUSD at the close.

In the United Kingdom, the Sterling pound outmuscled the Greenback after finding support from positive inflation data on Wednesday and forecast-beating Retail sales figures on Thursday; The GBPUSD surged by 0.92 percent to trade at 1.3264 at the close.

In the economic space, The Kingdom’s Retail sales came in at 0.3 percent better than the expected decline of -0.1 percent.

Regarding safe-haven currencies, the dollar traded at 112.48 USDJPY, up by 0.18 percent. Meanwhile, Swiss franc flexed its muscles against its American counterpart to surge by 0.86 percent to trade at 0.95876 USDCHF, with the pair rising by 0.27 percent at the close.

The precious metal Gold saw a 0.25 percent increase against the U.S dollar on Thursday, to settle at 1207.13 at the close.

Elsewhere in Canada, the Loonie Strengthen against the greenback for the third consecutive session, up by 0.15 percent to trade at 1.29013 USDCAD, as the Canadian currency found support from rising oil prices and positive domestic manufacturing data supporting the Bank of Canada’s case for hiking rates in October.

Meanwhile, commodity-dependent currencies, Aussie and Kiwi dollar both advanced versus the greenback for the fourth consecutive session on Thursday; The AUDUSD and NZDUSD rose by 0.41 and 1.07 percent to end the session at 0.72911 AUDUSD and 0.66848 NZDUSD, respectively.

In Crypto-currencies world, Bitcoin, Litecoin, and Ethereum edged lower against the Greenback to end Thursday’s trading session at 6355.11 BTCUSD, 52.19 LTCUSD, and 206.21 ETHUSD, respectively.

 

 

Ali Hwary

Ali Hwary

Established in 2006, INGOT Brokers was initially launched with a unique vision to provide unparalleled superior trading environment, and the best trading tools in the industry. INGOT Brokers provides a broad range of products and services which include ETFs, MENA, International shares and indices, commodities, metals, energies, as well as currencies. INGOT Brokers is a pioneer company in online financial trading, executing billions of transactions on monthly basis and its regulated by the Australian Securities and Investments Commission (ASIC) with AFSL license number 428015. Visit Ingot Brokers: <a href="https://www.ingotbrokers.com.au">https://www.ingotbrokers.com.au</a>

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