Forex Marketz Daily Forex News – Fully Markets Update
The U.S. dollar remained on the back foot as the week started in Asia on Monday. Volume was thin as we head into the last day of trading for 2019.
The dollar, a safe haven currency, is on the defensive as trade deal hopes between China and the United States decreases demand for safe haven asset classes.
The dollar index, which measures the greenback against six other Forex units, was trading steady at 96.942. The index shed 0.6 percent on Friday. This was its largest one day percentage loss since June.
After the loss, seen on Friday, the index’s gains for the year are at just under one percent. This will be its smallest annual gain in six years.
The USD/JPY Forex market was also trading around the flat line at 109.41 yen. This currency is on track to finish 2019 flat.
The commodity and sentiment linked currencies have been performing, over the last week, well. These are the New Zealand and Australian currencies.
The AUD/USD currency exchange rate was near a five month high price point on Monday at 0.6990. The NZD/USD Forex market was trading at 0.6717. Traders are hoping for a trade deal between China and the United States will be signed by February.
The EUR/USD Forex market was trading higher during the Asian trade session at 1.1186.
Economic data out of the Eurozone has been bleak most of 2019, which led many traders to believe the euro currency would finish the year on a low note. However, weakness with other currencies have boosted the single currency.
The euro is u 2.6 percent in the fourth quarter but on track to finish 2019 with an annual loss.
Forex Traders Monitor Trade News and sell the Safe Haven Dollar as Sentiment Improves
As last week ended, China said they were still in close contact with their contacts in the United States. They are still hammering out the last trade details before signing that preliminary trade accord.
China’s comments follow President Donald Trump’s comments about an upcoming signing ceremony for the “phase one” trade agreement between China and the United States.
