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Increase demand for the U.S dollar

12 June 2020

The U.S Dollar traded higher against other major currencies as investors are returning to the safe-haven despite the Federal Reserve leaving it’s interest rates unchanged at 0.25%.

On Thursday, the U.S dollar pushed higher as data have shown a steady decline in job losses as the U.S initial jobless claims slowed to 1.54 million compared to 1.9 million at the end of May. However, the greenback still under pressure as the Producer Prices Index excluding Food and energy came at 0.3% less than expected of 0.4% and the continuing Jobless claims came at 20.929 million more than expected of 20 million leaving investors Skeptical about the U.S economy.

The U.S. Dollar Index, which measures the strength of the dollar against a basket of six major currencies, closed Thursday’s trading session higher at 96.74.

Over in Europe, the Common currency traded lower against the U.S dollar ahead of the Eurozone Industrial Production data on Friday. However, investors are optimistic about the Eurozone economy as the EU's executive Commission anticipated a heavy recovery fund that includes granting and loaning for every EU member state. Also, the European Central Bank (ECB) is still pushing with its stimulus measures and any signs of more stimulus measures will impact the Euro positively. The EURUSD ended the session at 1.12989.

In the United Kingdom, the Sterling dropped against the U.S dollar influenced by the increasing demand for the greenback and by the negative data released. Data have shown that the UK’s RICS Housing Price declined by 32% more than expected of a decline by 24%. Besides, the British Pound remains under pressure as investors are waiting for the UK’s GDP, Industrial Production and Manufacturing Production data on Friday. The GBPUSD ended Thursday’s session at 1.26011.
In the Safe-havens area, the Swiss Franc traded was slightly lower against the U.S. Dollar and ended the session at 0.94408 USDCHF. However, the Japanese Yen ended the session higher for the fourth day against the greenback at 106.858 USDJPY.

The Precious Metal Gold was lower and ended the session at 1726.64 per ounce as investors closed their profits after prices reached to more than one week high.

Elsewhere in Canada, the loonie which is commodity-sensitive currency closed Thursday session lower versus the U.S Dollar influenced by the drop in oil prices and the strong U.S dollar. The USDCAD ended the session at 1.36296.

In Australia, the Aussie dollar dropped against the U.S dollar after the unpleasant data released. Currently, investors are worried about the Australia economy after Consumer inflation expectations came at 3.3% less than expected of 4.2%. The AUDUSD ended the session lower at  0.68545.

Cryptocurrencies took a huge drop on Thursday, as Bitcoin closed the session lower at 9324.21 BTCUSD. Likewise, Litecoin and Ethereum ended the session lower at 42.17LTCUSD and 229.89 ETHUSD, respectively.




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