Forex Marketz Daily Forex News – Fully Markets Update
The dollar was stronger and steady to close out the week in Asian trade this morning. The U.S. currency was ear a ten day high as it as supported by trader expectations that inflation will pick up in the United States. However concerns remain over escalating trade relation problems between the United States and China.
The dollar index, which measures the U.S. currency against six other Forex majors, held onto this weeks gains. It was last trading at 94.867.
The dollar index had hit a high of 94.941 yesterday. This is its highest price point since July 3. The sawbuck has made some gains since taking a hit from worsening Sino – U.S. trade relations. Trade issues are capping any recovery.
Looking at the USD/JPY market, the USD was at a six month high this morning. It was last at 112.71 yen. This is up 0.2 percent. It had broken through. This mark broke above the key level at 112 yen barrier earlier in the week. This is its highest price point since January 10.
The Dollar remains Firm against other Currencies as Well
The EUR/USD market is also down as the greenback remains firm. It is trading at $1.1665. The euro continues to move down from its 3 ½ week high, touched Monday, at $1.17905.
The GBP/USD Forex market is also weaker today. It was down 0.2 percent to $1.317. This is the pound’s lowest price level since July 3. It has recovered slightly to $1.3178 as traders remain uneasy over a possible hard Brexit as two key ministers have resigned.
Looking data, the USD was boosted by U.S. consumer prices, released yesterday that showed an increase of inflation pressure. This should keep the Fed on track for two more rate hikes this year.
China’s trade data, is due today at 2 am GM. On Monday, China will release its second quarter gross domestic product.
