Forex Marketz Daily Forex News – Fully Markets Update
The dollar was steady during this morning’s Asian trade session. The U.S. currency is lacking direction yesterday into this morning. The American markets will reopen today after closing for a public holiday on Monday. The euro currency also saw a bit of a bounce but is starting to slow down as traders look at the European Central Bank, monetary policy and a slowing Eurozone economy.
The dollar index, which measures the greenback I a basket against six other currencies including the heavily weighted euro, was flat this morning. The index was last trading at 96.784. Yesterday, the index was flat. The U.S. financial markets were closed yesterday for Presidents’ Day. Therefore volume was low.
The dollar tends to do well when there are market issues, as it is the world’s most liquid currency. Especially during times of market volatility and uncertainty amongst traders.
The USD/JPY Forex market was a tad soft. The dollar was fetching 110.59 yen after gaining 0.15 percent during the overnight trade session.
The Euro Performs well Overnight before Losing Steam
Looking at the benchmark EUR/USD market, the euro was flat this morning as it traded at $1.1312. The single currency gained 0.16 percent overnight, as it recovered a tad from a three month low at $1.1234.
The European Union currency was supported, for a short time, by improved sentiment. Primarily on China vs the United States trade war news. Both nations are saying that they are making progress.
The ECB will have its next monetary policy meeting next month on March 7. The ECB is expected to slash economic growth forecasts and its inflation projection. The Eurozone economy is slowing down at a pace not seen in five years.
