Top Forex News

The US dollar tumbled against major rivals on Friday following the release of lackluster manufacturing activity data and weak new home sales. Traders’ appetite for the greenback was also affected by anticipation for speeches of Federal Reserve officials today and US inflation data next week.

The US dollar was little changed today as US economic reports did not give the currency an edge and market participants were unsure whether the Federal Reserve will be able to carry on with its plan for three interest rate hikes in 2017.

The US dollar traded within a tight range against the euro on Wednesday following strong gains earlier this week that were stoked by an improved outlook for higher interest rates in the United States. The greenback edged slightly lower against the shared currency today to erase a gain that followed the release of solid existing home sales this afternoon.

The US dollar climbed to the highest level since May 30 against the euro on Tuesday following a stream of hawkish comments from US Federal Reserve officials yesterday and today. Two members of the Federal Open Market Committee offered an improved outlook for tighter monetary policy in the United States earlier today, while a third member is expected to speak later in the day.

The EUR/USD today hit new lows after upbeat comments from the New York Fed’s William Dudley during the North American session reignited buying interest in the US dollar. The currency pair was consolidating in a tight trading range for most of today’s session, but Dudley’s comments caused the US dollar to gain against the euro.

The US dollar edged lower against the euro on Friday to give up some of the gains it posted yesterday, as a gloomy outlook for consumer expectations dragged the greenback lower. Housing data released earlier today also weighed on the dollar, but did not overshadow the Federal Reserve’s decision to raise interest rates on Wednesday, which maintained some of the weekly gains of the US currency.

The US dollar climbed versus the euro and the Japanese yen on Thursday, as sentiments toward the near future outlook for US interest rates improved following hawkish signals from the Federal Reserve yesterday. Positive manufacturing data in the United States eased concerns about the health of the economy, which further supported the greenback today.

The US dollar plunged against the euro, the British pound, and other major currencies on Wednesday, following a stream of lackluster data that signaled a weaker economy than analysts expected. Disappointing inflation and retail sales numbers today reduced optimism between traders ahead of manufacturing and housing data later this week.

The US dollar declined against a basket of other major currencies on Monday to begin the week on a negative note. Tomorrow, the Federal Open Market Committee is set to begin a monetary policy meeting that will last two days, which reduced traders’ appetite for risk and pushed the Japanese yen higher against the greenback.

The past trading week was marked by several important events, and they were positive for the US dollar for the most part. As a result, the greenback rallied against the euro and the Great Britain pound, but was soft versus commodity currencies.