US Dollar Continues to Suffer as Traders Pare Bets on Rate Lift-Off

The US dollar was among the weakest currencies on the Forex market during this trading week as traders continued to pare bets on an interest rate hike this year.
Speculations about a delay of a rate lift-off by the Federal Reserve continued to undermine the dollar’s strength. The mildly bullish analysts’ forecasts proved to be wrong as the greenback ended the week among losers even though it was attempting to bounce.
Saying that, the US dollar was not the weakest currency on the FX market this week. That questionable honor was reserved to the euro and the Australian dollar, both of which were suffering from prospects of monetary easing by their respective central banks.
As for the winners, the New Zealand dollar was the strongest major currency during the past trading week. The Canadian dollar also showed surprising resilience despite the drop of crude oil prices.
EUR/USD closed at 1.1353 by the weekend after starting the week at 1.1360 and climbing to the weekly high of 1.1495. AUD/USD dropped from 0.7315 to 0.7270. NZD/USD rallied 1.8 percent from 0.6678 to 0.6811. USD/CAD declined from 1.2960 to 1.2911, and its weekly low of 1.2831 was the lowest since July 15.

If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *