US dollar hit by Trump's comments

13 April, 2017

The U.S. dollar fell sharply across the board yesterday after the U.S. President Trump in an interview with the Wall Street Journal gave his views on the U.S. dollar. Trump said that the U.S. dollar was "getting too strong" and said that his administration would not label China as a currency manipulator.

During the interview, Trump also said that he preferred a low interest rate policy. The comments by the President sent the U.S. dollar falling to a one-month low as the U.S. dollar index futures settled at 100.04 on Thursday's close.

Looking ahead, the economic calendar today is mixed with not much of data to go by from the U.S. Only the PPI numbers are due to come out today. The BoC Gov. Poloz is expected to speak later today, and his comments come following the BoC's decision to hold interest rates at 0.5% at yesterday's monetary policy meeting.

EURUSD intra-day analysis

EURUSD (1.0670): The EURUSD maintained the bullish gains yesterday rising to a 4-day high as price closed at 1.0665. On the 4-hour chart, we notice a slight hidden bearish divergence with the Stochastics oscillator posting a higher high against a lower high in price.

This could keep the EURUSD biased to the downside, but supported above the support level at 1.0600. In the near term, in the case of a dip in the short term, we can expect the price to reverse above 1.0600 and attempt to test the resistance level at 1.0700 following a rally to 1.0800.

USDJPY intra-day analysis

USDJPY (108.83): USDJPY continues to extend the decline after a brief spell of consolidation. Price action is down two days in a row breaking below the 110.00 support level in yesterday's trading session. This potentially paves way for further declines down to 108.00.

The USDJPY is particularly hit by a risk off sentiment which is seen strengthening the Japanese yen while the U.S. dollar remains week. With no short term catalysts in the near term, USDJPY is expected to remain biased to the downside in the near term, into Friday’s U.S. inflation report.

XAUUSD intra-day analysis

XAUUSD (1285.62): Gold is seen currently rallying to a 5-month high as the precious metal has resumed its bullish momentum. This is expected to push gold prices towards the $1300.00 mark once again, and a failure to test this level could trigger a short-term correction in prices towards $1250 initially.

In the short term, the fundamentals are mostly in favor of gold as short-term political events such as the Turkish constitutional referendum, the French elections and the continuing uncertainty in the case of Syria and North Korea continue to see investors rush to the safe haven status of gold.

Source link  
February US Consumer Sentiment

There could be some volatility in currency markets at the end of the trading session with the release of a series of second-tier economic data out of the US...

Eurozone Growth Comes In Well

The final 2018 growth figures for the Eurozone will have no doubt been a massive disappointment to the ECB. At just 0.2% quarter on quarter, hopes...

Producer Prices Fall Amid Concerns

The U.S. Dollar traded on mixed grounds amid a host of global and domestic issues. The ongoing partial shutdown of the government continues...

ISM indexes suggest strong activity

The Institute of Supply Management's business survey covering the manufacturing and non-manufacturing sector showed that activity...

Trump hits out at Fed once again

Amid the rising threat of trade wars and the optimism of the looming U.S. and China trade talks, the U.S. President Trump hit out at the Federal Reserve last week...

Japan's second quarter GDP rebounds

Japan's economy was seen rising more than expected in the three months ending June 2018. Growth was helped by strong...

Powell gives testimony

The U.S. Federal Reserve Governor, Jerome Powell, gave his two-day testimony to the U.S. Congress last week. In this testimony, Powell cautioned...

Euro currency makes a comeback

The common currency which had fallen sharply over the past few weeks and was eventually seen hovering above the support level of 1.1540 level was seen...

Gold gives up gains

The U.S. dollar lost ground yesterday amid a slow trading day with lack of any clear catalysts for the markets. The speech by Janet Yellen did not offer anything new for the markets...

In the past 24 hours Bitcoin has lost -0.13% and reached $3634.93603278. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.5573% and is now at $1.1277. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 7.62% and is now at $128.232223516. Have the most popular cryptocurrencies compared online 24/7.

Top Brokers offering Daily Forex Market Reviews

Forex Currencies Forecasts

Top 10 Forex Brokers 2019

# Broker Review
5FIBO GroupFIBO Group84%
10FP MarketsFP Markets70%