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The U.S. Dollar hold gains on Wednesday


7 May 2020

The U.S. Dollar Index rose for the third consecutive day on Wednesday’s session versus its main rivals but lost momentum after the ADP Nonfarm Employment report showed the U.S. private sector lost 20 million jobs in the previous month. The U.S. Dollar Index, which measures the strength of the buck against a basket of six major currencies, finished Wednesday’s trading session at 100.16.

In Europe, the single currency continued its losses against a firmer U.S. dollar as the German court and ECB dispute appears to affect the Euro. EURUSD ended the session at 1.08733.

According to Reuters, Germany’s Constitutional Court ruled on Tuesday that the ECB overstepped its powers in gobbling up 2 trillion euros ($2.17 trillion) of government debt in the past five years, and gave the central bank three months to prove that the purchase scheme was necessary and “proportional”.

Moreover, Cable fell on Wednesday's session against the Greenback ahead of London’s reopening and Bank of England decision on monetary policy at 6:00 (GMT) Thursday morning. GBPUSD closed the session at 1.23411.

In the Safe-havens area, the Swiss Franc lost against the U.S. dollar and closed the session at 0.97478 USDCHF. However, the Japanese Yen ended the session strong against the U.S. dollar at 106.102 USDJPY.

Gold prices plunged on Wednesday’s pressured by tougher dollar and expectations that yellow metal supplies will increase as bullion refineries resume operations. XAUUSD closed today’s session at 1684.65.

In Canada, the Loonie tumbled against the Greenback as Oil prices declined from recent highs. USDCAD ended the session at 1.41433.

In Australia, the Aussie dollar lost against the Buck on Wednesday weighed by renewed tensions between the U.S. and China. AUDUSD ended the session at 0.63985.

Cryptocurrencies were mostly flat on Wednesday, Bitcoin closed the session higher at 9231 BTCUSD. Litecoin and Ethereum ended the session flat at 44.9 LTCUSD and 203.08 ETHUSD, respectively.

#source

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