The greenback’s recent rally paused during Friday’s trading session in Asia, though analysts expect that the U.S. Dollar’s upward track is likely to resume given the stronger fundamentals and improved outlook in the U.S. economy. The U.S. Dollar Index, which gauges the greenback’s value against its major rivals, traded at 82.544 .DXY, slipping from a 7-month high of 83.166 .DXY and moving well off last month’s low of 78.918 .DXY. The Euro also edged higher against the U.S. Dollar, with the EUR/USD pair trading up $1.3010 from a recently struck 3-month low.
Meanwhile, the Australian Dollar surged broadly after the release of labor data on Thursday which was significantly better than analysts had hoped for; according to the data more than 71,500 new jobs were added last month, the largest monthly increase in more than ten years. Despite a warning from the Reserve Bank of Australia’s assistant governor of the possibility that the data might have been overstated, analysts believe that that could open the door for an additional interest rate cut by the RBA. The report helped to give the Aussie a solid boost with the AUD/USD pair trading 0.8% higher at $1.0374, the second largest single day’s gain thus far this year.
Dollar Rally Pauses, Resumption Expected
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.
... Read more After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.