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Dollar Goes Lower, Waits for Economic Data

October 10, 2017 at 22:10 by Vladimir Vyun

The all-seeing eye on top of pyramid on one-dollar billThe US dollar fell against its most-traded peers during the Tuesday’s trading session as dollar bulls struggled to find a new catalysts for a rally. Economic data released over the rest of the week may provide such catalysts if it turns out good.

The greenback moved lower versus the euro amid speculations about quantitative easing tapering from the European Central Bank. The political crisis in Spain had limited impact on the shared European currency. Meanwhile, the ongoing tensions between the United States and North Korea continued to erode the attractiveness of the US currency to investors.

This week’s trading started slow due to Columbus Day holiday in the USA. Tuesday was also light on economic data in the United States. The rest of the week should be more eventful, with the Federal Reserve policy minutes on Wednesday, the Producer Price Index and jobless claims on Thursday, and the Consumer Price Index and retail sales on Friday.

EUR/USD advanced from 1.1739 to 1.1809 as of 22:09 GMT today. GBP/USD rallied from 1.3139 to 1.3204. USD/CHF dropped from 0.9796 to 0.9750.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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