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August 4, 2021

The Dollar rose against a basket of other currencies on Wednesday due to a strong ADP jobs data.

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The Dollar rose against a basket of other currencies on Wednesday for the sixth session in a row. The rise in the Dollar was supported by the strong ADP jobs data and the strength of the United States economy, while Italy weighs on the Euro.

The U.S. Dollar index rose by 0.22 percent against the basket of six major currencies on Wednesday to hit a six-week high, the U.S. Dollar index closed the session at 95.66.

In Europe, the Euro fell for the sixth consecutive session against the Greenback on Wednesday, as the uncertainty, fiscal plans, and future ties pressured the currency. The EURUSD fell by 0.61 percent to close the session at 1.14764.

Moreover, in the United Kingdom, the Sterling Pound fell by 0.32 percent against the Greenback on Wednesday’s session to close the session at 1.29355. The Pound was pressured by the services survey data and the speech of the Prime Minister Theresa May.

Regarding safe-havens, the Greenback rose against the Japanese Yen and the Swiss Franc on Wednesday; the USDJPY advanced by 0.80 percent to close the session at 114.530. Furthermore, the USDCHF kept gaining for the eighth session by 0.86 percent to settle up at 0.99224.

Meanwhile, in Turkey, the country’s currency fell on Wednesday’s trading session. The Lira was pressured due to the Soaring inflation that hammered on Turkish bonds. The USDTRY advanced to trade at 6.03875 at the close.

The precious metal Gold prices tumbled on Wednesday’s trading session, losing around 0.50 percent to close the session in the red at 1197.05 XAUUSD.

Elsewhere in Canada, the Dollar rose for the second session in a row against the Loonie Dollar on Wednesday. The USDCAD advanced by 0.37 percent to close at 1.1.28696.

In Asia, both Aussie and Kiwi dropped against their U.S. counterpart to close the session on negative notes at 0.71004 AUDUSD and 0.65123 NZDUSD.

In Cryptocurrencies pace, Bitcoin, Litecoin and Ethereum tumbled against the Greenback to finish lower at 6410.91 BTCUSD, 55.14 LTCUSD, and 214.27 ETHUSD.

Ali Hwary

Ali Hwary

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