Forex Marketz Daily Forex News – Fully Markets Update
The U.S. dollar is still on the defensive into the Asian trade session on Thursday. The dollar is now trading near a one week low against the euro and the yen.
Traders are worried that the economy of the United States is slowing down thanks to deepening trade tensions with China and now the European Union.
Looking at the USD/JPY Forex market was down a bit to trade at 107.13 yen. The EUR/USD currency exchange rate is trading just above a one week low at 1.0962.
The AUD/USD and the NZD/USD currency exchange rates were near weekly lows at 0.6714 and 0.6264, respectively.
The dollar index, which measures the U.S. currency against six other Forex units, was flat trading at 99.022.
Forex Traders Leave the Dollar as they Monitor Global Economic Data
The weakness of the U.S. currency follows after a whole slew of tepid economic data was released out of Europe. Forex traders are also monitoring the economic slowdown in China,
On the trade front, the United States won approval to place tariffs on $7.5 billion worth of European goods. This comes due to illegal subsidies givento Airbus. This could spark a new trade war front.
The ADP non-farm employment change, released overnight, showed hiring by U.S. private firms slowed for the month of September. Would seem that the trade war with China is starting to have a negative effect on the world’s largest economy.
This ADP reports follows a dismal ISM manufacturing survey, released on Tuesday that showed that U.S. factory activity contracted. This sent Treasury yields lower. The Dow Jones Industrial Average (DJIA) has lost over 800 points in two days.
Today, at 2 pm GMT, the United States will release the non-manufacturing ISM survey. Also due today are the Eurozone retail sales data and German service sector survey.
