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The U.S Dollar losses demand

9 June 2020

The U.S dollar traded lower against other major currencies as investors are shifting their investments to risker currencies despite the positive U.S jobs report last Friday.

On Monday, Investors are leaving the greenback for more risker currencies which could offer a greater reward as courtiers around the world started easing its lockdown and show signs of improvement from the coronavirus pandemic. Furthermore, investors are expecting that the U.S dollar to remain under pressure so long as the global outlook continues to improve. Also, they are waiting for the U.S. Federal Reserve meeting this week.

The U.S. Dollar Index, which measures the strength of the dollar against a basket of six major currencies, closed Monday’s trading session at 96.65.

Over in Europe, the Common currency managed to hold its ground against the U.S dollar despite the unpleasant data as Germany’s Industrial Production dropped by 17.9% in April more than expected of a drop by 15.5%. However, the EUR is still supported by the European Central Bank announcement of its stimulus program expansion. The EURUSD ended the session at 1.12936.

In the United Kingdom, the Great British Pound was higher versus its counterpart the U.S. Dollar as British Prime Minister Boris Johnson is planning to ease its lockdown. Moreover, the Sterling was boosted by the government investment plans to limit the economic damage from the COVID-19. However, investors are cautiously waiting for Retail Sales data as any decline in the UK’s retail sector will negatively impact the Pound. The GBPUSD ended Monday’s session at 1.27220.

In the Safe-havens area, the Swiss Franc traded higher against the U.S. Dollar and ended the session at 0.95752 USDCHF. Likewise, the Japanese Yen ended the session higher against the greenback despite the negative data as Japan’s Gross Domestic Product Annualized declined by 2.2%. The USDJPY ended the session at 108.420.

Gold prices gained on Monday session and closed at 1697.51 as gold prices increase when interest rates are low as investors are expected that U.S Fed Interest Rate Decision will remain 0.25%.

In Canada, the loonie which is commodity-sensitive currency closed Monday’s session higher versus the U.S Dollar supported by the increase in oil prices and after Canada’s housing starts increased to 193,453 units compared with 166,477 units in April. The USDCAD ended the session at 1.33800.

In Australia, the Aussie dollar outperformed the U.S. Dollar on Monday and breaking the 0.70 level and closed at 0.70198.

Cryptocurrencies were mixed on Monday, as Bitcoin closed the session almost flat at 9690.71 BTCUSD. However, Litecoin ended the session lower at 44.55, and Ethereum ended the session slightly higher at 239.94 ETHUSD.



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