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May 16, 2021

The U.S. Dollar Dropped on Friday on the Back of Trump’s Comments

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USD index fell against the basket of six major currencies to close Friday’s trading session in the red at 94.41 after Trump said that a higher interest rate would pressure the competitive advantage of the U.S. Economy.

Moreover, Trump said that if China does not back down from its trade policy, Trump is ready to impose a $500 billion on imported Chinese goods, according to his interview on CNBC.

Meanwhile, the Euro and the Sterling benefited from weaker Greenback as both rose against the U.S. Dollar to finish the session in the green territory at 1.17212 EURUSD and 1.31305 GBPUSD respectively.

In terms of the safe-havens, the Greenback fell against the Japanese Yen and Swiss Franc to close Friday’s trading session lower at 111.46 USDJPY and 0.9927 USDCHF respectively while the Precious Metal prices closed up at 1231.15 XAUUSD.

Elsewhere in Canada, the Loonie rose against its U.S. counterpart despite the weaker inflation data in the country where the annual Canadian CPI came lower than expected by 0.1 to be steady at 1.3 percent.

However the monthly Retail sales has beaten the expectations where it rose from -1.2 percent to 2.0 percent while analysts expected an increase of 1.1 percent. USDCAD closed the session on negative notes at 1.3144.

Meanwhile, the Aussie and Kiwi Dollars also benefited from weaker U.S. Dollar where both rose against their U.S. counterpart to finish the session in the green at 0.7415 AUDUSD and 0.6807 NZDUSD respectively.

Regarding Cryptocurrencies, Bitcoin, Litecoin, and Ethereum dropped against the USD to finish Friday’s session down at 7320.41 BTCUSD, 80.51 LTCUSD, and 441.53 ETHUSD respectively.

Ali Hwary

Ali Hwary

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