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August 3, 2021

The U.S Dollar Index appreciated against the basket of six major currencies boosted by weaker Euro and sterling.

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The U.S Dollar Index appreciated against the basket of six major currencies to close Monday’s trading session in the green at 95.42 boosted by weaker Euro and sterling. In addition, the U.S Dollar found support from the expectations of a further hike of interest rate due to positive economic data in the country.

The Euro fell against the greenback to end the session down at 1.14910 EURUSD as investors are concerned over the row between Italy and European Commission due to Italy’s proposed 2019 fiscal budget which targeted at 2.4 percent of GDP. Moreover, the country announced on Monday that it would not retreat from its expenditure plans although the European Commission warned the country as its budget deficit breached past commitments.

Meanwhile, the sterling dropped against the U.S Dollar to trade 1.3088 GBPUSD due to the fears that the UK will not reach an agreement with European Union on an Irish border deal.

The greenback also rose against the Loonie to end the session higher at 1.2963 USDCAD, the loonie was pressured by the decline in oil prices where U.S Crude oil fell slightly on Monday to end the session lower at $73.07 a barrel.

In terms of safe-havens, the greenback fell against the Japanese Yen to close Monday’s trading session on negative notes at 113.24 USDJPY while it rose against the Swiss Franc to settle up at 0.9924 USDCHF. regarding the precious metal, gold prices fell on Monday to settle down at 1187.93 XAUUSD.

Elsewhere in Asia, both the Aussie and Kiwi rose against their U.S counterpart to end the session in the green territory at 0.7078 AUDUSD and 0.6454 NZDUSD.

In cryptocurrencies pace, Bitcoin, Litecoin and Ethereum rose against the greenback to close the session up at 6595.31 BTCUSD, 57.65 LTCUSD and 226.76 ETHUSD






Ali Hwary

Ali Hwary

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