The US dollar is rising on Thursday after the US government reported that initial jobless claims surged more than the market had anticipated. The greenback is witnessing an influx of traders who seeking shelter from the slide in the broader financial market. With the leading benchmark indexes in the red and the metal commodities sliding, investors are searching for protection in the buck.
The US dollar is holding steady to finish the trading week as investors comb through the worse-than-expected retail sales report for April. The greenback’s endurance was further tested on bleak industrial and manufacturing numbers, lending credence to the Federal Reserve’s gloomy assessment that the US economy’s road to recovery will be a long and slow one. So, why is the buck not plummeting on Friday?
The euro today fell against the US dollar during the European session following the release of weak German ZEW survey data early in the session. The EUR/USD currency pair traded at 34-month lows as the coronavirus headlines continue to dampen investor risk appetite.
The US dollar is struggling to find direction against multiple currency rivals at the end of the trading week. The greenback is trading sideways after new retail sales, manufacturing, and trade data showed a mixed portrait of the national economy last month.
The euro today fell against the US dollar during the American session following the release of upbeat advance US retail sales report, which boosted the greenback. The EUR/USD currency pair gave up most of its earlier gains amid a deluge of positive data from the US docket.
The British pound today fell against the US dollar reversing all of Friday’s gains amid a lack of any major releases from the UK docket. The GBP/USD currency pair fell due to the absence of catalysts to prop up the Sterling with the pair’s performance being driven largely by investor sentiment.
The US dollar is weakening against its currency peers to start the trading week. Driven by disappointing economic data and a central bank unlikely to cut interest rates at its policy meeting this week, the greenback is taking a hit as investors take a wait-and-see approach.
The euro today rallied to its daily highs backed by US dollar weakness accompanied the release of weak US manufacturing data. The EUR/USD currency pair later fell as demand for the safe haven greenback rose during the American session and the ECB Forum on Central Banking in Sintra, Portugal.
The euro today dropped significantly against the US dollar from the early European session after attempting to rally higher during the Asian session. The single currency’s decline was initially triggered by the US dollar’s rebound before the weak German GDP data caused it to crash to new weekly lows.
The US dollar opened at Friday’s elevated levels but has declined versus most of its major rivals by now. It looks like uncertainty associated with this week’s policy announcement from the Federal Reserve hit the currency after all. Domestic macroeconomic data, being poor, was not helping the greenback.
