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March 5, 2021

dollar fell on weak retail sales and tension between the U.S and Saudi Arabia.

us dollar

The dollar lost its ground on Monday’s session pressured by weak retail sales and the rise of safe-haven assets after the tension between the U.S and Saudi Arabia.

the U.S Dollar index retreated versus a basket of six major currencies on Monday’s after starting the first day of the week higher to end the session in red territory at 95.07.

In economic news, the U.S as the Core Retail Sales for September which measures the change in the total value of sales in the U.S., excluding automobiles, came at minuse 0.1 percent significantly lower than expectations which showed that retail sales will increase by 0.4 percent.

Moreover, the retail sales which measure the change in the total value of sales came at 0.1 percent also lower than expectations which showed a 0.7 percent increase.

Over in Europe, The Euro traded higher against the Greenback on Monday’s session to close at 1.1579 EURUSD after Chancellor Angela Merkel said on it would back political stability in Berlin after suffering losses in a regional election to the far right.

Furthermore, the Great British Pound rose against the U.S Dollar to end the trading session in the green at 1.3151 regaining all its losses on Friday’s session.

The cable was pressured by the Irish border as negotiators failed to come to an agreement after marathon talks and postponed talks for the coming days.

In terms of Safe-havens, the greenback fell against the Japanese yen to close the session at 112.16 USDJPY as investors switched their positions to safer assets, after the tensions between the U.S and Saudi Arabia, which has been under pressure after the Saudi journalist Jamal Khashoggi, who was a critic of Riyadh and a U.S. resident, disappeared after visiting the Saudi consulate in turkey.

also, the dollar fell against the Swiss Franc to finish the session on negative notes at 0.9869 USDCHF.

The precious metal rose on Friday versus the U.S dollar to close at 1226.85 dollars per ounce boosted by the rout in global equity markets and the political tensions.

Elsewhere in Canada, the Greenback fell against the loonie to end the session at 1.2989. the loonie found support from rising oil prices which ended Monday’s session at 71.71 USD per barrel.

In Asia, the Aussie rose against the Greenback to close the session at 0.7129. While the Kiwi dollar also rose against its U.S counterpart to end the session up at 0.6549.

The Newzilandian dollar rose also in today’s session after CPI data came better than expected.

In Cryptocurrencies, Bitcoin, Ethereum and Litecoin rose against the Greenback to finish at 6366 BTCUSD, 198.95 ETHUSD, and 51.61 LTCUSD.

Ali Hwary

Ali Hwary

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