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May 16, 2021

The U.S. Dollar Ended the Session in the Red on The Back of Stronger British Pound

US dollar

USD index fell against the basket of six major currencies to close Tuesday’s trading session in the red at 94.37 pressured by the mixed U.S economic data and the stronger Great British Pound.
In terms of economic data in United States, Markit Manufacturing PMI came better than expected by 0.1 percent as it rose from 55.4 to 55.5 while Markit Services PMI and Markit PMI Composite both fell lower than analysts’ expectations by 0.3 and 0.1 respectively reaching 56.2 and 55.9.
In Eurozone, the Euro fell against the Greenback to end the session down at 1.16844 EURUSD as Markit Service PMI fell 0.8 reaching 54.4 while Markit PMI Composite fell from 54.9 to 54.3.
On the political side, the Minister of UK Theresa May announced on Tuesday that she would lead the country in negotiations with the European Union to prepare for the departure from the bloc. The Great British Pound rose against the U.S Dollar to end Tuesday’s trading session in the green territory at 1.31431 GBPUSD.
Regarding safe-havens, the Greenback fell against the Japanese Yen to close at 111.191 USDJPY while it rose against the Swiss Franc to end the session at 0.99347 USDCHF. The prices of precious metal closed the session flat at 1224.25 XAUUSD.
Elsewhere in Canada, the U.S. Dollar fell against the Loonie to finish the trading session on negative notes at 1.31531 USDCAD, the Canadian Dollar was supported by the increase in oil prices where U.S. Crude oil rose on Tuesday to finish the session on positive notes at $68.74 a barrel.
Elsewhere in Asia, both Aussie and Kiwi rose against their U.S. counterpart to end the session in the green territory at 0.74184 AUDUSD and 0.67995 NZDUSD.
In terms of Cryptos, Bitcoin, Litecoin, and Ethereum rose against the greenback to end the session in the green at 8199.81 BTCUSD, 85.63 LTCUSD and 469.22 ETHUSD.

Ali Hwary

Ali Hwary

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