US Dollar Attempts to Rally, Fails to Keep Momentum

The US dollar attempted to rally during the Thursday’s trading session but failed to keep its gains and is trading below the opening level right now. It managed to fall even against the vulnerable euro.

US economic data was mixed today. While most indicators were stable, the housing report was disappointing, showing a surprise drop of pending home sales.

During an interview today, Treasury Secretary Steven Mnuchin told CNBC that a weaker dollar can be beneficial to the US economy. He stated:

Obviously, as it relates to trade, having a weaker dollar is somewhat better for us.

Now, traders wait for nonfarm payrolls due for release tomorrow. Meanwhile, it looks like the North Korean missile launch earlier this week has lost its impact on markets as speculators turned their attention to other events.

EUR/USD was down from 1.1883 to 1.1822 intraday but bounced to 1.1895 as of 18:54 GMT today. GBP/USD traded near its opening level of 1.2924 after falling to the daily low of 1.2854. USD/JPY opened at 110.22, rallied to the daily high of 110.66, but retreated 110.03 by now.

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Your email address will not be published.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 *

seven + three =