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May 16, 2021

U.S. Dollar index fell despite the positive economic data

US Dollar reversing

U.S. Dollar index fell against the basket of six major currencies to end Monday’s session in the red at 94.35 despite the positive economic data; the U.S. Dollar was relatively unchanged in today’s session as investors were keeping an eye on key economic data and central banks meetings this week.

In economic news, the National Association of Realtors released its U.S. Pending Home Sales which, measures the change in the number of homes under contract to be sold came at 0.9 percent better than both expectations and the previous reading that came at 0.4 and -0.5 percent respectively.

The Federal Open Market Committee members are scheduled to vote on where to set the interest rate on Wednesday; the expectations shows that the committee is going to keep the interest rate flat at 2 percent.

Moreover, the United States Department of Labor is going to release its monthly non-farm payroll; expectations shows that the figure will show 193,000 jobs created lower than the previous reading which came at 213,000.

In Eurozone, the Euro rose against the Greenback to end the session in the green at 1.1704 EURUSD regaining most of Thursday’s losses.

The Euro has fallen sharply on Thursday after the ECB President announced that the interest rate of the ECB would be on hold at 0.0 percent till October 2019.

In the economics space, the markets will be keeping an eye on the German unemployment change which is expected to show a 10,000 decrease in the number of unemployed people.

Moreover, the European CPI is also scheduled to be released today and its expected to remain un-changed from the previous reading which came at 2 percent.

Meanwhile, in the U.K., the Great British Pound rose against the U.S. Dollar to end the session on positive notes at 1.3132 GBPUSD, Investors will be keeping an eye on BoE interest rate decision as it’s widely expected to raise interest rates for the second time since the 2008 financial crisis.

In terms of safe-havens, the Greenback rose against the Japanese Yen to trade at 111.02 USDJPY; analysts believed the BOJ could be trimming its 80 trillion Yen quantities easing program or adjusting yield curve control tolerance. Moreover, the Swiss franc rose to close at 0.9879 USDCHF.

Regarding the precious yellow metal, XAUUSD fell slightly on Monday’s session to trade at 1221.25.

Elsewhere in Canada, the Greenback fell against the Loonie to end the session higher at 1.3033 USDCAD supported by the increase in oil prices where U.S. Crude Oil rose on Monday to end the session higher at $70.06 a barrel.

In Asia, both the Aussie and Kiwi rose against their U.S. counterpart to end the session in the green at 0.7406 AUDUSD and 0.6821 NZDUSD.

Regarding Cryptos, the Bitcoin, Litecoin, and Ethereum fell slightly against the Greenback to end the session in the red 8125.61 BTCUSD, 80.61 LTCUSD, and 450.76 ETHUSD.

Ali Hwary

Ali Hwary

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