The US dollar fell against a basket of major currencies on Thursday, to deepen losses for the second straight day, on slowing amid improved market sentiment and ahead of the US weekly unemployment claims data. The dollar index fell more than 0.1% to 93.50 points, after it opened at 93.61, and hit an intraday high at 93.65. The greenback fell 0.3% its second daily loss in 3 days, as demand slowed in favor of other major currencies. The drop in the US dollar came as demand slowed amid strong sentiment in global markets, while investors focused on buying high-yield assets. Sentiment has improved again after the approval of some fiscal stimulus in the US to counter the economic damage caused by the coronavirus pandemic, following President Donald Trump's postponement of the new aid package talks. The Federal Reserve's minutes of its September 15-19 meeting showed that the majority of voting members saw that the US economy recovery is faster than expected during the past few months compared to the second quarter. However, some Fed members see that the lack of more fiscal support from the US Congress means further difficulties for the US economy. Investors are anticipating key economic data releases today on the US unemployment claims, which delivers insight on the the US jobs market recovery path after the recent spike in coronavirus infections. At 12:30 GMT, the US unemployment claims reading is expected to reach 0.820 million in the week ending October 3 vs. 0.837 million in the previous week.
At 12:30 GMT, the US economy released the unemployment claims reading, at 0.840 million in the week ending October 3, worse than forecasts of 0.820 million, vs. 0.849 million in the previous week after it was revised from 0.837 million.
Euro rose on Thursday against the dollar for another session as sentiment improves in the markets with some US stimulus approved to counter Covid impact. EUR/USD rose 0.2% to 1.1781, after closing 0. 2% yesterday on spreading risk aversion. The dollar index fell 0.1% on Thursday for another session against a basket of major rivals. The decline came as haven demand declines on the dollar as sentiment improves and investors prefer higher risk currencies. The bullish sentiment came after the US launched some new financial stimulus to counter the impact of the Covid 19 pandemic.
The minutes of the Federal Reserve meeting on September 15-16 showed that the majority of members saw that the US economy's recovery is faster than expected during the past few months compared to the second quarter. The Fed members noted that corporate investments began to recover recently, and that the economic activity in general was better than expected, albeit still below pre-pandemic levels. The Federal Reserve also stressed the need for more fiscal support to continue the rapid recovery. Members of the bank see that the lack of more fiscal support from the US Congress means further difficulties for families, businesses and the US economy.
USD/JPY tilted lower in Asian trade off September 14 highs following earlier Japanese data and ahead of US data today. As of 06:55 GMT, USD/JPY fell 0.01% to 105.96, with an intraday low at 105.93. Earlier Japanese data showed the current account surplus up to 1.65 trillion yen from 0.96 trillion in July, beating estimates of 1.5 trillion. An index tracking Japan's current conditions rallied to 49.3 from 43.9 in August, while futures conditions rose to 48.3 from 42.4. From the US, unemployment claims for the week ending October 3 are expected down 17 thousand to 820 thousand, while continuing claims are expected down 367 thousand to 11.4 million.
The Japanese yen fell against the US dollar on Wednesday, following Bank of Japan Governor Kuroda's warnings. Kuroda commented on the monetary policy today, and warned that uncertainty about the Japanese economic remained very high. The bank governor stated that the global economy is facing massive challenges due to the coronavirus crisis, in addition to other hurdles, such as the climate change. However, Kuroda stressed that the world’s third-largest economy after the US and China is likely headed for a moderate recovery. He stressed that the Bank of Japan "won’t hesitate to take additional easing steps as needed" to ease corporate funding restrictions and to provide support to the economy from this health crisis. "We will closely monitor the pandemic’s impact on the Japanese economy and markets" Kuroda added. As of 21:20 GMT, USD/JPY rose 0.3% to 105.9, after hitting a high of 106.1 and a low of 105.6.
The US dollar slipped on Wednesday, after President Donald Trump's remarks, and ahead of the Federal Reserve meeting minutes. President Donald Trump unexpectedly decided yesterday to stop the stimulus talks with Democrats, until after the presidential election next November. However, Trump calmed the market's concerns and stated that he is considering a $25 billion aid program to support to airlines and the paycheck protection program. The US Federal Reserve will release later today the minutes of its September's meeting, which is expected to provide additional insight on the future of the US monetary policy. The dollar index fell against a basket of currencies by 0.1% to 93.5 points as of 18:50 GMT, after hitting a high of 93.9 and a low of 93.5.
The US Energy Information Administration (EIA) showed today that the US crude inventories rose 0.5 million barrels to reach a total of 492.9 million barrels during the past week, missing analysts' forecasts of a drop by 2 million barrels. The gasoline stockpiles fell 1.4 million barrels to a total of 226.7 million, and distillate stockpiles fell 1 million barrels to a total of 171.8 million. While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories fell by around 951,000 barrels during same period.
The US dollar fell on Wednesday, to resume its losses after pausing yesterday within recovery attempts from a 2-week low, due to slowing demand, and ahead of the release of the Federal Reserve's meeting minutes. The dollar index fell 0.2% to 93.63 points, after opening at 93.83, and hit an intraday-high of 93.90. The index gained 0.4% yesterday, within recovery attempts from a 2-week low 93.34 points. The US dollar shined yesterday as the best alternative investment, after President Donald Trump postponed the new fiscal stimulus talks until after the US presidential election. But soon demand slowed again, as Trump calmed the market's concerns by announcing offering support to airlines and the paycheck protection program, as part of a limited set of incentive measures to support the US economy until the election. Otherwise, the latest polls by Reuters showed that the Democratic candidate Joe Biden have a 52% lead vs. 40% to the Republican candidate Donald Trump. Most investors are preparing for Biden winning the US election, which is expected to lift the US dollar. At 18:00 GMT the US Federal Reserve will release the minutes of its of its September 15-19 meeting, which is expected to provide additional insight on the future of the US monetary policy. The Fed held the US rate between 0.25% and zero during the meeting, and pledged to keep it in this range until at least 2023, until full employment recovery, and adopted an average inflation targeting strategy, that will tolerate it above 2%. While Federal Reserve Chairman Jerome Powell said that he expects economic growth to improve from more than the Fed had previously estimated last June.
USD/JPY tilted higher in Asian trade off September 23 lows following earlier data from Japan and a speech by BoJ Governor Haruhiko Kuroda, and ahead of US data today. As of 06:50 GMT, USD/JPY rose 0.10% to 105.74, with an intraday high at 105.76. Earlier Japanese data showed the leading index rose to 88.8 in August from 86.7 in July. From the US, Federal Reserve Bank of New York President John Williams will speak about flexible average inflation targeting at an online event hosted by the Hoover Economic Policy Working Group. Federal Reserve Bank of Minneapolis President Neel Kashkari is due to speak about racism and the economy at a virtual event series. The Fed will release minutes of its September meeting, at which policymakers maintained rates at near zero, while releasing three-year estimates for inflation, unemployment, ans growth.
The American Petroleum Institute (API) revealed today in preliminary data that the US crude inventories rose by about 951,000 barrels during the past week, missing forecasts of a drop by 2 million barrels. The gasoline inventories rfell 867,000 barrels, and the distillate inventories declined 1.03 million barrels during the same period. While the Energy Information Administration (EIA) will release the official data on Wednesday, which have a significant impact on oil prices movemen
The British Pound fell against the US dollar on Tuesday, despite progress in the Brexit talks between the United Kingdom and the European Union. Risk assets saw a huge sell-off move today, after US President Donald Trump's remarks to stop negotiation with the Democratic leaders in the US Congress about the second Covid-19 relief package. Earlier data showed that the UK's construction PMI rose to 56.8 points in August, beating forecasts of 54 points. The British Prime Minister Boris Johnson stressed the need to intensify the talks talks with the European Union to reach convergence and achieve an agreement that prevents no-deal Brexit. As of 21:00 GMT, GBP/USD fell 0.6% to 1.2909, after hitting a high of 1.3008, and a low of 1.2891.
The US dollar rose against its peers on Tuesday, attracting safe-haven demand amid concerns about the US second fiscal stimulus package. The stock market tumbled and turned lower today after President Trump decided to stop negotiation with the Democratic leaders in the US Congress about the second Covid-19 relief package. President Trump decided to postpone the ongoing stimulus talks until after the election next November. Otherwise, President Trump confirmed that his health has improved and left the Walter Reed Military Medical Center yesterday and returned to the White House after COVID-19 treatment. Earlier data showed that the US trade balance registered a deficit of $67.1 billion in August, more than forecasts of -$66.2 billion. The dollar index rose against a basket of currencies by 0.2% to 93.7 points as of 20:26 GMT, after hitting a high of 93.7 and a low of 93.3.
The Australian dollar fell on Tuesday, after the Reserve Bank of Australia’s decision and monetary policy statement. The Reserve Bank of Australia kept the interest rate at 0.25% unchanged, which was widely expected in the market. The bank is still expecting further damage to the economy due to the coronavirus crisis, and noted that a full recover needs containing the pandemic. The Australian government recently imposed lockdown restrictions on the state of Victoria due to the rising number of coronavirus infections. The central bank sees that individual consumers and companies need to be more confident in the government's measures to contain the virus, in order to prevent its spread and another lockdown. The bank also stated that the Australian economy recovery is bound by a better-than-expected improvement in the jobs market and employment pace. As of 18:38 GMT, AUD/USD fell 0.5% to 0.7145, after hitting a high of 0.7209 and a low of 0.7143.
Federal Reserve Chairman Jerome Powell said on Tuesday the US economy has "a long way to go" in order to reach full recovery, and called the Congress for continued fiscal stimulus to face the coronavirus damages. Powell renewed his call the US lawmakers to continue to provide fiscal and monetary stimulus support to the economy until it is clearly "out of the woods." However, Powell sees progress in job creation, goods consumption levels and business investment. The Fed Chair warned the Congress from stopping the fiscal support, and stressed that such a move could lead to a weak recovery.
The US dollar fell on Tuesday, to deepen its losses for the second straight day, and hit a 2-week low, due to slowing demand amid improved market sentiment with US President Donald Trump's health improving as he left hospital after COVID-19 treatment, and growing hopes about the new fiscal stimulus in the US., ahead of an important speech by Federal Reserve Chairman Jerome Powell. The dollar index fell 0.1% to the lowest level since September 21 at 93.34 points, after opening at 93.44, and hit an intraday-high of 93.54. The index lost 0.4% yesterday, due to improved risk-appetite after US President Trump's health improved. US President Donald Trump left the hospital and returned to the White House after COVID-19 treatment, which reduced the state of political uncertainty in the US. Talks continued between US House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin in attempts to reach an agreement on the new Covid-19 relief bill. At 14:40 GMT, Federal Reserve Chairman Jerome Powell will deliver a speech at the National Association of Business Economics annual meeting about the US economic outlook, which is expected to provide key insight and new cues about the future of the US monetary policy.
One of the greatest football managers and two times UEFA Champions League winner, José Mourinho, has been appointed as the new brand ambassador for XTB. XTB, the global leader in FX and CFD trading, has signed a partnership with José Mourinho, one of the greatest managers of all time in football. The Portuguese coach has led 4 team in 4 different countries (Portugal, England, Italy and Spain) to win their league, and one of only 3 coaches to win the UEFA Champions League twice with two different teams. Mourinho will be the brand ambassador for XTB for the next 2 years. Omar Arnaout, CEO of XTB stated "I am very pleased to announce our partnership with José Mourinho, who is not only an exceptional personality, but also a symbol of a manager who has built his success on both strategy and winning mentality, which fits very well with the values and strategy of our brand, and also share the same desire to achieve the goals we set ourselves, Just as José helps his team to become the best in the world, we want to help our clients to become better investors with XTB, in which we provide the highest level of service and technology." The announcement marks the beginning of the broker's new global branding campaign, Be Like José. The creative idea of the story is based on the perception of the similarity between the challenges that investors face every day and those that the football manager faces. Good strategy, a desire to win and learn from failure are the main success factors in both football and investment. XTB launched the promotional campaign with the release of a video including the new brand ambassador. Jose Mourinho said "I am glad to be an XTB ambassador for the coming years, when we had discussions about starting cooperation with XTB, it turned out that we share many of the same values such as passion, professionalism, commitment, this is why I'm really happy to work with the amazing team at XTB and share my own experiences with more than 200,000 traders around the world. If you want to trade, be like me, choose XTB."
Euro rose in European trade for another session against dollar to two-week highs as sentiment improves on hopes for more stimulus by US government, and after President Donald Trump exited hospital after his Covid 19 treatment. EUR/USD rose 0.2% to 1.1800, the highest since September 21, after closing up 0.5% yesterday as risk appetite improves. The dollar index lost 0.1% on Tuesday on track for another day of losses, marking two-week lows at 93.34. The decline comes as haven demand on the greenback slows down while hopes for US stimulus increase. US President Donald Trump exited the Walter Reed military hospital yesterday and returned to the White House after his Covid 19 treatment. The president's doctor cautioned he hasn't completely recovered yet, with Trump announcing plans to return to the election trail immediately. Otherwise, Trump called on both political parties to work together to finish up the stimulus plan, days after the House passed a $2.2 trillion financial rescue bill.
USD/JPY tilted lower in Asian trade off late September highs ahead of US data and amid a lack thereof from Japan, and as investors await Fed Chair Jerome Powell's speech. As of 06:59 GMT, USD/JPY fell 0.08% to 105.67, with an intraday low at 105.62. From the US, the goods trade deficit is expected to balloon to $66.2 billion from $63.6 billion in July, while the JOLTS jobs opportunities index is expected down to 6.5 million. Federal Reserve Chair Jerome Powell is due to speak about the US economic outlook at the National Association of Business Economics annual meeting, via satellite. Federal Reserve Bank of Philadelphia President Patrick Harker will speak about machine learning at a webinar hosted by the Global Interdependence Center. US President Donald Trump exited the Walter Reed military hospital yesterday and returned to the White House after his Covid 19 treatment. The president's doctor cautioned he hasn't completely recovered yet, with Trump announcing plans to return to the election trail immediately. Otherwise, Trump called on both political parties to work together to finish up the stimulus plan, days after the House passed a $2.2 trillion financial rescue bill.
The US dollar fell against its peers on Monday, amid news about improved health conditions of US President Donald Trump. Trump announced on Friday that he and his wife have tested positive for the coronavirus and was put under quarantine. The President was afterwards transferred to Walter Reed Military Medical Center as a precaution due to concerns that the virus will affect his health badly because of his old age and overweight. However, medical sources expressed that Trump's condition is improving and he is responding to the treatment. Secretary of State Mike Pompeo stressed the readiness of the US administration for all developments and scenarios. Data showed today that the US services PMI rose to 57.8 points in September vs. 56.9 points in August. The dollar index fell against a basket of currencies by 0.3% to 93.5 points as of 19:37 GMT, after it hit a high of 93.8 and a low of 93.3.